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Contemporary Design Studios established a $450 petty cash fund. Jason C. Butler (JCB) is the fund custodian. At the end of the first week, the
Contemporary Design Studios established a $450 petty cash fund. Jason C. Butler (JCB) is the fund custodian. At the end of the first week, the petty cash fund contains the following. i) (Click the icon to view the petty cash information.) Petty Cash Information a. Identify three internal control weaknesses revealed in the provided data. Petty cash ticket no. 3 is missing. 1. Cash: $170 Petty cash ticket no. 4 does not indicate which account to debit. The petty cash custodian (JCB) did not sign petty cash ticket no. 2. b. Prepare the general journal entries to record the following: (Record debits first, then credits. E, i. January 1: Establishment of the petty cash fund. 2. Petty cash tickets: ii. June 30: Replenishment of the fund. Assume petty cash ticket no. 4 was issued for the purchase of office supplies
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