The type of account and normal balance of Petty Cash is a (n)
A) revenue, credit
B) asset, debit
C) liability, credit
D) expense, debit

Question

Quizplus · Accepted Answer

Petty Cash is an asset account, and its normal balance is a debit. This is because it represents the amount of cash available for small, everyday expenses such as office supplies or minor repairs. As money is disbursed from the account, the balance decreases, and as money is added, the balance increases.

The Type of Account and Normal Balance of Petty Cash