CENTURY 21 ACCOUNTING © Thomson/South-Western Petty Cash Report 6 LESSON 5-4  Errors may be made when making payments from a petty cash fund which causes a difference between actual cash on hand & the amount that should be on hand  A petty cash on hand amount that is less than a recorded amount is called cash short  A petty cash on hand amount that is more than a recorded amount is called cash over  Petty cash short and petty cash over are recorded in an account titled Cash Short and Over  Does not have a normal balance  Preparing a Petty Cash Report will assist you in determining the amount of cash over or short
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