K 1. 2 3. Explain how an imprest petty cash system works. Atlantic Press maintains an imprest petty cash fund of $750, which is under the control of Gladys Yu. At November 30, the fund holds $115 cash and petty cash tickets for 5561 of office supplies and $100 of delivery expenses Journalize (a) establishment of the petty cash fund on November 1 and (b) replenishment of the fund on November 30 Prepare a T-account for Petty Cash and post to the account. What is Petty Cash's balance at all times? Requirement 1. Explain how an imprest petty cash system works. An imprest petty cash system maintains the Petty Cash account at the prescribed balance at all times. The account balance equals the sum of (a) plus (b) Requirement 2. Atlantic Press maintains an imprest petty cash fund of $750. which is under the contral of Gladys Yu. At November 30, the fund holds $115 cash and petty cash tickets for office supplies $561 and delivery expense $100. Joumalize (a) establishment of the petty cash fund on November 1 and (b) replenishment of the fund on November 30, (a) Journalize the establishment of the petty cash fund. (Record debits first, then credits. Exclude explanations from journal entries.) Date November Journal Entry Accounts (b) Journalize the replenishment of the fund Date November Debit Credit Journal Entry Accounts Debit Credit