The entry to record reimbursement of the petty cash fund for postage expense should include Multiple Choice A debit to Petty Cash A debit to Postage Expense A debit to Cash A debit to Supplies A debit to Cash Short and Over

Respuesta :

Since the expense was paid for by the petty cash fund, the appropriate answer is to deduct Postage Expense.

What is petty cash fund?

The basic goal of a petty cash fund is to provide company units with adequate cash to cover minor expenses. The idea is to make it simpler for staff members and guests to obtain reimbursed for modest costs like office supplies, taxi rides, postage, and other items that frequently don't cost more than $25.00. The Petty Cash Policy is described in detail.

Local units should employ the PCard in place of petty cash whenever practicable.

Petty cash custodians are responsible for safeguarding petty cash funds and keeping thorough records and receipts that serve as proof of each transaction.

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