Misler Corporation established a $300 petty cash fund on January 12, 2024. Karen Misler (KM) is the fund custodian. At the end of the month, the petty cash fund contains the following:

a. Cash: $163

b. Petty cash tickets, as follows:

Requirements 

1. Identify three internal control weaknesses revealed in the given data.

2. Journalize the following transactions.

a. Establishment of the petty cash fund on January 12, 2024.

b. Replenishment of the fund on January 31, 2024. Assume petty cash ticket no. 47 was issued for the purchase of office supplies.

3. What is the balance in the Petty Cash account immediately before replenishment?

Immediately after replenishment?

Transcribed Image Text:

No. 44 45 47 48 Amount $14 39 43 33 Issued to B. Jarvis S. Bell R. Tate L. Blair Signed by B. Jarvis and KM S. Bell R. Tate and KM L. Blair and KM Account Debited Office Supplies Delivery Expense Travel Expense