Petty Cash Accounting Journal Entries

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which of the following journal entries establishes a petty cash fund?

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1. Which of the following journal entries replenishes a petty cash fund?

2. Which of the following journal entries records petty cash expenses?

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About This Quiz & Worksheet

These questions quickly and efficiently test what you know about petty cash accounting. See if you know how journal entries are used when accounting for petty cash.

Quiz & Worksheet Goals

In this quiz/worksheet combo you'll review your knowledge of:

  • How petty cash is used
  • Examples of petty cash entries
  • The accounting entries that create a petty cash fund

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related petty cash fund lesson
  • Defining key concepts - ensure that you can accurately define main phrases, such as petty cash
  • Information recall - access the knowledge you've gained regarding how to calculate expenditures from a petty cash fund
  • Knowledge application - use your knowledge to answer questions about the different journal entries that are used to create and replenish a petty cash fund

Additional Learning

For more information about this accounting practice, review the lesson titled Petty Cash Accounting Journal Entries. You will be exposed to:

  • The purpose of keeping journal entries in accounting
  • Examples of petty cash expenditures
  • The importance of keeping a petty cash ledger
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