Accounting-The petty cash fund

• Accounting
• Secondary Education

Is the petty cash
register a special journal? Why or why
not?

Answer

No. It is a supplemental record that summarizes petty cash disbursements; it is not used to post amounts to the general ledger.

Chapter 22.2

The Petty Cash Fund

Pages 650-658

Objectives

Describe the petty cash register and its use

Analyze the method of preparing a petty cash register 

Prepare the petty cash register

A petty cash register to record all disbursements made

from the petty cash fund. The petty cash register is a supplemental record that summarizes the types of petty cash disbursements.

It is not an accounting journal because amounts from it are not posted to general ledger accounts.

What is a petty cash register? Also, give its use.

What is to record all disbursements made
from the petty cash fund?

1. Petty cash
2. Petty cash fund
3. Petty cash register
4. Petty cashier

Look at the given picture and give steps of preparing the petty cash register.

Give the steps of preparing a petty cash register.

Prepare a petty cash register for problem 22-6 on page 664

Use a word document to answer.

Answer

1. Feb. 1: Dr. Petty Cash Fund $70; Cr.

Cash in Bank $70; Check 1018

5. Feb. 28: Dr. Supplies $14.00,

Advertising Expense $25.00, Delivery

Expense $16.90, Miscellaneous

Expense $12.60; Cr. Cash in Bank

$68.50; Check 1191

What amounts are
placed in the Payments column?

Answer

amount of each disbursement

Give the main points of the lesson.