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Following petty cash transactions of Olivia Brenton enterprise have taken place during May and June 2022 May 1 Established a petty cash fund with a
Following petty cash transactions of Olivia Brenton enterprise have taken place during May and June 2022 May 1 Established a petty cash fund with a $400 balance for Olivia Brenton enterprise. May 31 The petty cash fund has $38 in cash and $376 in petty cash slips that were issued to pay for office supplies $136 and delivery expense $240. Replenished the fund and recorded the expenses. June Increased the balance of the petty cash fund to $460. 10 Requirements 1. Record the above petty cash transactions of Olivia Brenton in general journal form (explanations aren't required). (2 marks) 2. What controls (identify at least two controls) a business needs to set up over petty cash to reduce unauthorised cash payments? (0.5 mark)
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