Accounting Tools

JULY 18, 2023

Example Expense Journal Entries Accounts payable entry. When recording an account payable , debit the asset or expense account to which a purchase relates and credit the accounts payable account. When an account payable is paid, debit accounts payable and credit cash.

Petty cash 75

Petty cash Accounts Payable Accounts Payable Payroll 75

Accounting Tools

MAY 12, 2024

Purchasing Cycle In the purchasing cycle, a company issues a purchase order to a supplier for goods, receives the goods, records an account payable , and pays the supplier. There are several ancillary activities, such as the use of petty cash or procurement cards for smaller purchases.

Petty cash 75

Petty cash Revenue Cycle Purchase Order Accounting 75

Accounting Tools

MAY 21, 2023

The full charge bookkeeper may supervise various accounting clerks. For example, a billing clerk, payables clerk, or payroll clerk may report to the bookkeeper. The position is most commonly found in smaller organizations where there is no need for a controller , and which has relatively uncomplicated accounting transactions.

Bookkeeping 75

Bookkeeping Petty cash Payroll Reconciling 75

Accounting Tools

FEBRUARY 3, 2024

How are Cash Disbursements Made? Cash disbursements are usually made through the accounts payable system, but funds can also be disbursed through the payroll system and through petty cash. Payments made through the payroll system are intended solely for compensation disbursements to employees.

Petty cash 40

Petty cash Accounts Payable Accounts Payable Payroll 40

Accounting Tools

APRIL 16, 2023

Sample Chart of Accounts Typical accounts found in the chart of accounts are as follows: Assets: Cash (main checking account) Cash (payroll account) Petty Cash Marketable Securities Accounts Receivable Allowance for Doubtful Accounts (contra account) Prepaid Expenses Inventory Fixed Assets Accumulated Depreciation (contra account) Other Assets Liabilities: (..)

Petty cash 40

Petty cash General Ledger Accounting Accounting 40

Accounting Tools

OCTOBER 3, 2023

When a company increases in size and wants to track information for individual subsidiaries or departments, it should instead adopt a 5-digit or 7-digit chart of accounts.

Petty cash 40

Petty cash Computation Accounting Accounting 40

Accounting Tools

OCTOBER 3, 2023

The following sample chart of accounts uses divisions located in Boston and Omaha to demonstrate how a seven-digit chart of accounts could be structured. Account No.

Petty cash 40

Petty cash Computation Accounting Accounting 40