Bacardi Company established a $150 petty cash fund with Eminem as the petty cashier. When the fund balance reached $19 cash, Eminem prepared a petty cash payment report, which follows

Required 1. Identify four internal control weaknesses from the payment report.
2. Prepare general journal entries to record:

a. Establishment of the petty cash fund.

b. Reimbursement of the fund. (Assume for this part only that petty cash receipt no. 15 was issued for miscellaneous expenses.)
3. What is the Petty Cash account balance immediately before reimbursement? Immediately after reimbursement?

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Petty Cash Payments Report Receipt No. Account Charged Approved by Received by 12 Delivery Expense $ 29 Eminem A. Smirnoff 13 Merchandise Inventory 18 Eminem J. Daniels 15 16 56 (Omitted)... 32 Eminem C. Carlsberg Miscellaneous Expense 41 (Omitted) J. Walker Total $120