Petty Cash
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The petty cash fund is a liability with a normal debit balance.
False
When petty cash is replenished, Petty Cash is debited and Cash is credited.
False
The entry to establish a $200 petty cash fund is a. debit Cash, $200; credit Petty Cash, $200 b. debit Miscellaneous Expense, $200; credit Cash, $200 c. debit Petty Cash $200; credit Cash, $200 d. debit Petty Cash, $200; credit Miscellaneous Expense, $200
c
A petty cash accounts should have 2 or more custodians
False
When petty cash is replenished, Expenses are debited and Cash is credited.
True
an amount of cash kept on hand and used for making small payments
petty cash
a form showing proof of a petty cash payment
petty cash slip or receipt