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Chapter 9-3
Question | Answer |
---|---|
Cash short | A petty cash on hand amount that is less than a recorded amount |
Cash over | A petty cash on hand amount that is more than a recorded amount |
When the petty cash box does not come out even (either over or under), this amount is recorded in what account? | Cash short and over |
Cash short and over account is what kind of account? | Temporary-closed at the end of each month to income summary |
What is the balance of Cash short and over account? | It can be either but it is NORMALLY a debit balance because the petty cash is normally short as opposed to over |
What is done to a special journal at the end of the month? | It is proved and ruled |