Ask Question
BusinessBusiness
30 March, 07:49

The petty cash fund has a current balance of $ 350 , which is the established fund balance. Based on activity in the fund, it is determined that the balance needs to be changed to $ 450. Which journal entry is needed to make this change?

+1
Answers (1)
  1. 30 March, 08:14
    0
    Debit the petty cash account and credit the cash account with $100

    Explanation:

    Businesses sets aside small amount of money (cash) to cover recurring expenses such as postage stamp, delivery charges, fares etc. This is usually done through the setting up of petty cash fund. The purpose of petty cash fund is to make provision for re-imbursement of minor expenses where there are no alternatives.

    With regards to the above, the journal entries would be Debit petty cash account and Credit cash account with $100.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “The petty cash fund has a current balance of $ 350 , which is the established fund balance. Based on activity in the fund, it is determined ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Fontaine and Monroe are forming a partnership. Fontaine invests a building that has a market value of $334,000; the partnership assumes responsibility for a $117,000 note secured by a mortgage on the property.
Answers (1)
Software Distributors reports net income of 555,000. Included in that number is depreciation expense of 510.000 and aloss on the sale of land of $5,000.
Answers (1)
Mr. Smith, a cash-basis, calendar-year taxpayer, owns a duplex. He lives in one unit and rents the other unit to an unrelated individual. The two units are approximately equal in size. On July 1, Year 1, Mr.
Answers (1)
Hector would like to buy a new pair of soccer cleats. Hector prefers Adidas to Puma brand soccer cleats. But Hector chooses to buy the Puma brand cleats instead.
Answers (1)
Suppose that a bank has accepted $20,000 in checking deposits, $40,000 in savings deposits, has $10,000 in cash reserves, and made $50,000 in loans. What is the bank's reserve ratio? a) 10% b) 16.6% c) 20% d) 25%
Answers (1)
New Questions in Business
If a manager increases the system utilization standard (assuming no change in the customer arrival rate) what happens to the average customer time in the system? A. It increases exponentially. B. It increases proportionally. C.
Answers (1)
Let a be the event that a student is enrolled in an accounting course, and let s be the event that a student is enrolled in a statistics course.
Answers (1)
Blaser Corporation had $1,075,000 in invested assets, sales of $1,243,000, income from operations amounting to $216,000 and a desired minimum rate of return of 13%. The rate of return on investment for Blaser Corporation is
Answers (2)
Re-Up Enterprises has sales of $926,355, costs of goods sold of $613,500, inventory of $189,880, and accounts receivable of $78,580. How many days, on average, does it take the firm to sell its inventory assuming that all sales are on credit?
Answers (1)
Which of the following is one of the main things to consider when evaluating a business opportunity?
Answers (1)
Home » Business » The petty cash fund has a current balance of $ 350 , which is the established fund balance. Based on activity in the fund, it is determined that the balance needs to be changed to $ 450. Which journal entry is needed to make this change?
Sign Up Forgot Password?