Fine Teas operates its petty cash account on the imprest system. It is maintained at a figure
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Fine Teas operates its petty cash account on the imprest system. It is maintained at a figure of £140, with the balance being restored to that amount on the first day of each month. At 30 April 2012 the petty cash box held £24.37 in cash. During May 2012, the following petty cash transactions arose:
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To work with the imprest system for the petty cash we need to determine the amount of cash needed to restore the petty cash fund to its set level 140 ...View the full answer
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Related Book For 
Frank Woods Business Accounting
ISBN: 9780273759287
12th Edition
Authors: Frank Wood. Sangster, Alan
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