Answered: Gabana Inc.'s € 100 petty cash fund has…

Gabana Inc.'s € 100 petty cash fund has cash of € 4 and receipts of € 91. The journal entry to replenish the account would include?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 14MC: A company has decided to start a petty cash fund for $150. Which of the following is the correct...

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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

Gabana Inc.'s € 100 petty cash fund has cash of € 4 and receipts of € 91. The journal entry to replenish the account would include?

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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Accounting for Cash and cash equivalents

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