Williams Company established a petty cash fund on May 1, cashing a check for $250. The company reimbursed the fund on June 1 with the following results.
June 1: Cash in fund $64. Receipts: delivery expense $81; postage expense $39; and miscellaneous expense $62.
July 1: Cash in funds $43 Receipts: delivery expense $91; entertainment expense $71; and miscellaneous expense $45
On July 10, Williams increased the fund form $250 to $400.
Instructions
(a) Prepare journal entries for Williams Company for May 1, June 1, July 1, and July 10.
(b) What internal control features are present in the petty cash fund?

Question

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The Answer of Williams Company established a petty cash fund on May 1, cashing a check for $250. The company reimbursed the fund on June 1 with the following results.
June 1: Cash in fund $64. Receipts: delivery expense $81; postage expense $39; and miscellaneous expense $62.
July 1: Cash in funds $43 Receipts: delivery expense $91; entertainment expense $71; and miscellaneous expense $45
On July 10, Williams increased the fund form $250 to $400.
Instructions
(a) Prepare journal entries for Williams Company for May 1, June 1, July 1, and July 10.
(b) What internal control features are present in the petty cash fund?

Williams Company Established a Petty Cash Fund on May 1