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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339 Exercise 39
Control over petty cash
Hangin' Out Night Club maintains an imprest petty cash fund of $100, which is under the control of Sandra Morgan. At March 31, the fund holds $9 cash and petty cash tickets for office supplies, $77, and delivery expense, $20.
Requirements
1. Explain how an imprest petty cash system works.
2. Journalize establishment of the petty cash fund on March 1 and replenishment of the fund on March 31.
3. Prepare a T-account for Petty cash, and post to the account. What is Petty cash's balance at all times
Hangin' Out Night Club maintains an imprest petty cash fund of $100, which is under the control of Sandra Morgan. At March 31, the fund holds $9 cash and petty cash tickets for office supplies, $77, and delivery expense, $20.
Requirements
1. Explain how an imprest petty cash system works.
2. Journalize establishment of the petty cash fund on March 1 and replenishment of the fund on March 31.
3. Prepare a T-account for Petty cash, and post to the account. What is Petty cash's balance at all times
Explanation
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Journalizing is the chronological accoun...
Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
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