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Bacardi Company established a $150 petty cash fund with Dean Martin as the petty cashier. When the fund balance reached $19 cash, Martin prepared a
Bacardi Company established a $150 petty cash fund with Dean Martin as the petty cashier. When the fund balance reached $19 cash, Martin 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 report 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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