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Select all that apply Review the following statements and select the ones which accurately describe a Petty Cash fund. Select all answers which apply. Multiple select question. It is established to pay for small payments like postage, shipping fees, etc. It is used to avoid the time and cost of writing checks for small amounts. It is an account used to record small sales amounts. It is an expense reported on the income statement. It is an asset reported on the balance sheet.

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Martebiidn

Answer:

It is established to pay for small payments like postage, shipping fees, etc.

It is an asset reported on the balance sheet.

It is used to avoid the time and cost of writing checks for small amounts

Explanation:

A Petty Cash is simply any amount of cash kept on hand and used for making small payments. It is usually placed on the asset account and it account also increases on the debit side and decreases on the credit side.

The Petty Cash fund is set up with the use of the following:

1. Date

2. Debit

3. Credit

4. Source Document

Businesses promote use of Petty Cash funds due to it having some small payments for which writing a check is not time or cost effective. It is increase by replacimg or putting more money back in the petty cash box. Before putting money, an evidence of the fund being put in to the box must be complete.

Answer:

It is established to pay for small payments like low-cost supplies and shipping fees, etc.

It is an asset reported on the balance sheet.

Explanation:

first answer is incorrect

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