Thank you sooo much. I rarely comment on videos but I had to for this one since it was amazing!! So simple and step by step. Greatly helped with my exam prep. Thank you!!
Thank YOU very much for explaining all of these things. For now, I watched 4 different YT chanells and I find this one to be the easiest and the best explained. Maybe because I already have some knowledge about accounting from university but from other country so there's stil a lot to learn. I subsrcibed and pressed the bell to get all notifications for every video. Do you have in mind to do some videos about payroll and VAT maybe ?
Sorry but I don't understand. Why would you debit the petty cash account $100? Doesn't debiting mean taking funds out? And why would you credit the cash account $100 when you are taking money out of the cash account? Its opposite to each other. Shouldn't you debit cash and credit petty cash?
Let's trying thinking of this example. When we create the petty cash account, we withdraw money from our checking account and put it in a locked box. Our checking account signifies the business's cash and the lock box is the company's petty cash. Therefore, our cash is decreasing while our petty cash is increasing. To decrease cash, we credit (asset account). To increase petty cash, we debit (asset account).
Thank you sooo much. I rarely comment on videos but I had to for this one since it was amazing!! So simple and step by step. Greatly helped with my exam prep. Thank you!!
thank you smmm. you make it sound so easy
Thank YOU very much for explaining all of these things. For now, I watched 4 different YT chanells and I find this one to be the easiest and the best explained. Maybe because I already have some knowledge about accounting from university but from other country so there's stil a lot to learn. I subsrcibed and pressed the bell to get all notifications for every video. Do you have in mind to do some videos about payroll and VAT maybe ?
Thank you for making my learning process so easy. You are so awesome!!!!!!!
Thank you! 😊
Thank you so much, very good explaining all of these things!!!!!!!!!!!!!!!!
Thank you for the explanation! It's really wasy to understand
Thank you :)
Hello, can i know what's the benefit to open the petty cash account and what's the difference between petty cash and any other imprest
thank you
Awesome thanks
Hello, how can petty cash entry be job costed?
Sorry but I don't understand. Why would you debit the petty cash account $100? Doesn't debiting mean taking funds out? And why would you credit the cash account $100 when you are taking money out of the cash account? Its opposite to each other. Shouldn't you debit cash and credit petty cash?
Let's trying thinking of this example. When we create the petty cash account, we withdraw money from our checking account and put it in a locked box. Our checking account signifies the business's cash and the lock box is the company's petty cash. Therefore, our cash is decreasing while our petty cash is increasing. To decrease cash, we credit (asset account). To increase petty cash, we debit (asset account).
suiiii