| A | B |
|---|
| Purchases Account | Used to record the purchase of new merchandise |
| Debit | The normal balance of the Purchases Account |
| Cost of Merchandise | Purchases Account is classified as |
| Special Journal | Has special columns that are used for specific types of transactions |
| Petty Cash Fund | Cash that is kept on hand for making small payments |
| Petty Cash Register | A record of all disbursements made from Petty Cash |
| Asset | Petty Cash is classified as |
| When cash is low and/or at the end of the month | Petty Cash is replinished |
