Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Training And Development Audit

Authors: Rosemary Harrison

2nd Edition

0955970725, 978-0955970726

More Books

Students also viewed these Accounting questions