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.
How to Increase the Amount of Your FDIC Insurance Beyond $250,000. The FDIC provides separate coverage for deposits held in different account ownership categories. Depositors may qualify for coverage over $250,000 if they have funds in different ownership categories and all FDIC requirements are met. Talk with your banking representative for details on how you might be able to increase your FDIC insurance coverage or call 877-932-3342. The following questions and answers provide information to help you make informed decisions regarding your deposits.