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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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(Appendix 6. 7) Why are actual expenses, rather than the petty cash account, debited when the fund is replenished?

To determine

State the meaning of actual expense and explain the reason for which the actual expenses are debited, if the fund is replenished, instead of debiting petty cash account.

Explanation

Actual expenses:

Actual expenses are amount of money incurred by the company while acquiring an asset or product.

  • The actual expenses “account is debited” when the fund is replenished since the petty cash fund is carried in the c...

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