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  • Petty Cash Fund Entries: 1999 John Wiley & Sons, Inc. Weygandt/Principles 5e

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    Steven Sanderson
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    The document summarizes the establishment and replenishment of a $100 petty cash fund. To establish the fund, $100 was taken from the cash account and deposited into the petty cash account. To replenish the fund after $40 was spent on freight, $30 on supplies, and $25 remained, $75 was taken from the cash account to bring the petty cash balance back to $100. The document also lists internal control features for petty cash funds, such as appointing a custodian, segregating duties between the custodian and treasurer's office, using prenumbered receipts, and conducting surprise cash counts.

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    TT 07-B5

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    The document summarizes the establishment and replenishment of a $100 petty cash fund. To establish the fund, $100 was taken from the cash account and deposited into the petty cash account. To replenish the fund after $40 was spent on freight, $30 on supplies, and $25 remained, $75 was taken from the cash account to bring the petty cash balance back to $100. The document also lists internal control features for petty cash funds, such as appointing a custodian, segregating duties between the custodian and treasurer's office, using prenumbered receipts, and conducting surprise cash counts.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
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    115 views1 page

    Petty Cash Fund Entries: 1999 John Wiley & Sons, Inc. Weygandt/Principles 5e

    Uploaded by

    Steven Sanderson
    The document summarizes the establishment and replenishment of a $100 petty cash fund. To establish the fund, $100 was taken from the cash account and deposited into the petty cash account. To replenish the fund after $40 was spent on freight, $30 on supplies, and $25 remained, $75 was taken from the cash account to bring the petty cash balance back to $100. The document also lists internal control features for petty cash funds, such as appointing a custodian, segregating duties between the custodian and treasurer's office, using prenumbered receipts, and conducting surprise cash counts.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
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    of 1

    PETTY CASH FUND

    Petty Cash Fund Entries


    To establish $100 Petty Cash (Cash check for $100).

    Petty Cash 100


    Cash 100

    To replenish Petty Cash (Freight-out $40, Supplies $30, and cash count of $25) to $100.

    Freight-out 40
    Supplies Expense 30
    Miscellaneous Expense 5
    Cash 75

    Internal Control Features

    PRINCIPLES APPLICATION TO PETTY CASH

    1. Establishment of Appoint a petty cash custodian.


    responsibility.

    2. Segregation of Custodian of petty cash fund makes payments from


    duties. fund. Treasurer’s office reviews petty cash receipts
    and other documentation before replenishing fund.

    3. Documentation Prenumbered cash receipts signed by fund


    procedures. custodian and the individual receiving payment.

    4. Physical, mechanical, Locked petty cash box or drawer.


    and electronic controls.

    5. Independent internal The treasurer’s office examines petty cash receipts


    verification. and supporting documents to verify proper expendi-
    tures before replenishment of fund. Surprise count
    of cash on hand plus receipts made by internal
    auditors.

    6. Other controls. Cancelling paid receipts so that they cannot be


    resubmitted.

    Copyright 1999 John Wiley & Sons, Inc. Weygandt/Principles 5e T T 7–B

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