working on the journal entries for the atm machine. we write a check to the bank for 10,000 for cash
debit petty cash credit bank-checking
put money in the atm machine. credit petty cash and debit atm machine account.
so when the bank sends me a statement showing how much money was withdrawn fromt he atm machine do I have to do anything with that. Can I just treat this like a petty cash account and when the atm machine is low I just replenish the atm account.
the bank pays me separte for my commissions on having the atm machine in business.
thanks