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.
They also each can set up $250,000 trust accounts naming each other as beneficiaries and deposit another $500,000 in a joint account, where each co-owner is insured up to $250,000. âThat total comes to $2 million fully insured,â said FDIC spokesman David Barr.