Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 34 - No. 14)
What journal entries would be made to replenish a petty cash fund under the Imprest system?
Debit Petty Cash, Credit Cash
Debit various expenses, Credit Petty Cash
Debit various expenses, Credit Cash
Debit Cash, Credit Petty Cash
Explanation
To replenish the petty cash, debit the expense accounts that the cash was used for and credit cash for the amount of replenishment.
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