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If you could label the steps that would be great! Question 2: Petty Cash Bacardi Company established a $150 petty cash fund with Eminem as
If you could label the steps that would be great!
Question 2: Petty Cash 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 payments report shown below: Potty Cash Payments Report Recolpt No.Account Charged Approved by Recelved by 12 13 15 16 Delivery Expense. Merchandise Inventory . $29 Eminem 18 Eminem 32 Eminem A Smimoff J. Daniels C. Carlsberg Miscellaneous Expense. Total 41 (Omtted)JW $120 Required: 1. Identify four internal control weaknesses from the petty cash payments report. 2. Prepare general journal entries to record the following a. Establishment of the petty cash fund b. Reimbursement of the fund. (Assume for this part only that petty cash 3. 4. Receipt No. 15 was issued for miscellaneous expenses.) What is the Petty Cash account balance immediately before reimbursement? What is the Petty Cash account balance Immediately after reimbursementStep by Step Solution
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