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© South-Western Educational Publishing ESTABLISHING A PETTY CASH FUND August 17. Paid cash to establish a petty cash fund, $200.00. Check No. 8. 1.Which.

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Presentation on theme: "© South-Western Educational Publishing ESTABLISHING A PETTY CASH FUND August 17. Paid cash to establish a petty cash fund, $200.00. Check No. 8. 1.Which."— Presentation transcript:

1 © South-Western Educational Publishing ESTABLISHING A PETTY CASH FUND August 17. Paid cash to establish a petty cash fund, $200.00. Check No. 8. 1.Which accounts are affected? Petty Cash Cash 4.How is each amount entered in the accounts? Assets increase on the debit side. Assets decrease on the credit side. 3.How is each classification changed? Assets are increased. Assets are decreased. 2.How is each account classified? Petty Cash is an asset account. Cash is an asset account. Cash Petty Cash Debit Normal Balance Debit Normal Balance  200.00  Lesson 6-4, page 135

2 © South-Western Educational Publishing MAKING PAYMENTS FROM A PETTY CASH FUND WITH A PETTY CASH SLIP Lesson 6-4, page 136

3 © South-Western Educational Publishing T ERMS REVIEW petty cash petty cash slip Lesson 6-4, page 138

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