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.
Standard Coverage Limit. FDIC insures deposits up to $250,000 at FDIC-insured banks and savings associations. The insurance limit is applied to each depositor at an insured bank and includes separate insurance for different categories of account ownership that meet FDIC requirements.Accounts a depositor has at one bank and which are in the same account category are totaled and insured up to the standard insurance limit.he Federal Deposit Insurance Corp., or FDIC, is an independent federal agency that was established in 1933 in the wake of the bank failures of the 1920s and 1930s.