Replenishing a Petty Cash Fund a. What is meant by reconciling the petty cash fund b

Chapter 22, Problem 7

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QUESTION:

Replenishing a Petty Cash Fund

a. What is meant by reconciling the petty cash fund?

b. What accounts are debited when replenishing a petty cash fund?

Questions & Answers

QUESTION:

Replenishing a Petty Cash Fund

a. What is meant by reconciling the petty cash fund?

b. What accounts are debited when replenishing a petty cash fund?

ANSWER:

                                                                  Step 1 of 3

Replenishing a petty cash fund is the process of maintaining the required amount by injecting the additional fund as required on either reaching the minimum level or after a certain period of time.

                                                                 

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