Petty cash is a current asset and should be listed as a debit on the company balance sheet. To initially fund a petty cash account, the accountant should write a check made out to Petty Cash for the desired amount of cash to keep on hand and then cash the check at the company's bank.
FDIC Insurance for Trust Bank Accounts The Federal Deposit Insurance Corporation (FDIC) insures bank accounts in the event of a bank failure. If you have more than the FDIC limit at a bank that fails, you could lose all or part of the amount that is not covered by the FDIC insurance. Coverage for living trust accounts. Living trust accounts for each trust owner are insured up to $250,000 (subject to some limitations) per beneficiary, regardless of whether the beneficiary is a close relative of the trustor.
Revocable trust accounts may qualify for insurance cover-. age of up to $250,000 per beneficiary named by the owner. (if a member of the credit union) that is separate from. the individual coverage available to the trust owner (also. referred to as grantor or settlor). For example, if a person. with a revocable trust for $750,000 names a spouse and. two children as beneficiaries, the entire $750,000 would. have separate NCUSIF coverage ($250,000 per beneficiary). This coverage is separate from the coverage provided to. the other types of accounts held by the trustâs owner at.