Hangin Out Night Club maintains an imprest petty cash fund of $100, which is under the control
Question:
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?
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Req 1 An imprest petty cash system maintains the Petty c...View the full answer
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Dr Y P Singh
Hi, i am Certified Financial planner. I am paraplegic ( Wheelchair user). I live life to the fullest. I am a senior Academician from Lucknow (India) with more than 20 years of experience in Teaching / Training / Research and Consultancy in Management especially in the field of Finance besides being having exposure in multi-disciplinary activities in the capacity of Professor / Director.
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Ph.D. (Applied Economics, LU, 2003), PGDBA (Finance & Information Tech.), Certified Financial PlannerCM (FPSB India: 2009 Batch), M.Com, SEBI-NISM (Equity derivatives, Mutual Funds), NCMP (NSE India), ADCA, B.Sc. (Maths – Alld. Uni.)
Books Authored (International Publisher):
•Title “Financial Management”, McGraw Hill Education publisher ISBN: 9781259026607, https://www.mheducation.co.in/9781259026607-india-financial-management
•Title “Accounting and Financial Management for I.T. Professionals”, ISBN: 978-81-224-2153-8, Publisher: New Age International (Pvt) Ltd., New Delhi
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Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
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