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JAMB Principles of Accounts 2014 Question 12

Question 12

Petty Cash

Petty cash book records transactions on

  1. A.the debit side only.
  2. B.the credit side only.
  3. C.both credit and debit sides.
  4. D.reversed entry.
Show the answer and explanation

Answer: C (both credit and debit sides.)

Explanation

Money received from the chief cashier goes on the debit side and payments on the credit side.