On June 1, Party Salad Dressings creates a petty cash fund with an imprest balance of $500. During June, RuthMangan, the fundcustodian, signs the following petty cashtickets:
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(Click the icon to view the petty cashtickets.)
On June 30, prior toreplenishment, the fund contains these tickets plus cash of $255. The accounts affected by petty cash payments are OfficeSupplies, TravelExpense, DeliveryExpense, EntertainmentExpense, and Merchandise Inventory.
Read the requirementsLOADING...
.
Requirement 1. Explain the characteristics and the internal control features of an imprest fund.
An imprest fund has
a credit
a different
the same
balance at alltimes, which equals the sum of
accounts receivable
cash in the bank
cash in the fund
deposits in transit
plus the
check stubs
credit memos
total of the tickets
that support payments from the fund. The internal control feature of an imprest fund is that it
clearly debits
clearly identifies
decreases
increases
the amount of money for which the fund custodian is responsible.
Requirement 2. On June 30, how much cash should the petty cash fund hold before it isreplenished?
Before it is replenished, the petty cash fund should hold cash of
Requirement 3. Journalize all required entries to create the fund and replenish it. Include explanations. (Record debitsfirst, then, credits. Select the explanation on the last line of the journal entrytable.)
Begin by journalizing the creation of the fund.
e a Test - William Moseley - Google Chrome nathxl.com/Student/PlayerTest.aspx?testld=228578056¢erwin=yes 211 Principles of Accounting Spring 2021 CRN 20746 William Moseley & | 06/ est: Exam 4 - Chapters 7 and 8 Time Limit: 03:00:0 is Question: 6 pts 8 of 21 (18 complete) This Test: 1 On June 1, Party Salad Dressings creates a petty cash fund with an imprest balance of $500. During June, Ruth Mangan, the fund custodian, signs the following petty cash tickets: (Click the icon to view the petty cash tickets.) On June 30, prior to replenishment, the fund contains these tickets plus cash of $255. The accounts affected by petty cash payments are Office Supplies, Travel Expense, Delivery Expense, Entertainment Expense, and Merchandise Inventory. Read the requirements Requirement 1. Explain the characteristics and the internal control features of an imprest fund. An imprest fund has balance at all times, which equals the sum of plus the that support payments from the fund. The internal control feature of an imprest fund is that it the amount of money for which the fund custodian is responsible. Requirement 2. On June 30, how much cash should the petty cash fund hold before it is replenished? Before it is replenished, the petty cash fund should hold cash of Requirement 3. Journalize all required entries to create the fund and replenish it. Include explanations. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing the creation of the fund. Date Accounts and Explanation Debit Credi June 1 Journalize the replenishment of the fund (Prepare a single compound journal entry) Date Accounts and Explanation Debit Credit June 30 Choose from any list or enter any number in the input fields and then continue to the next question 1840#6/10/2021 Type here to searchates a petty cash fund with an imprest balance of $500. During June, Ru ash tickets.) he fund contains these tickets plus cash of $255. The accounts affected by xpense, Entertainment Expense, and Merchandise Inventory Data Table X Petty Cash Ticket Number Item Amount Ticket No. 101 Office supplies S 25 Ticket No. 102 Cab fare for executive 40 Ticket No. 103 Delivery of package across town 10 Ticket No. 104 Business dinner 70 equi Ticket No. 105 Merchandise inventory 130 ebits of the on of Print Done unts er any number in the input fields and then continue to the next question City Strolling Still Coughin Smokers Anthem King Kyle Lee 7M views . 4 years ago8 of 21 (18 complete) On June 1, Party Salad Dressings creates a petty cash fund with an imprest balance of $500. During June, Ruth Mangan, the fund custodian, signs the following petty cash tickets: (Click the icon to view the petty cash tickets.) On June 30. prior to replenishment, the fund contains these tickets plus cash of $255. The accounts affected by petty cash payments are Office Supplies, Travel Expense, Delivery Ex Read the requirements Requirement 3. Journalize all required entries to create the fund and replenish it. Include explanations. (Record debits first, then, credits. Select the explanation on the last line of the Begin by journalizing the creation of the fund. Date Accounts and Explanation Debit Credit June 1 Journalize the replenishment of the fund. (Prepare a single compound journal entry. Date Accounts and Explanation Debit Credit June 30 Requirement 4. Make the July 1 entry to increase the fund balance to $650. Include an explanation, and briefly describe what the custodian does. (Record debits first, then, credits. Select the expla Make the entry July 1 to increase the fund balance to $650 Accounts and Explanation Debit Credit Date Choose from any list or enter any number in the input fields and then continue to the next question.211 Principles of Accounting Spring 2021 CRN 20746 est: Exam 4 - Chapters 7 and 8 is Question: 6 pts 8 of 21 (18 complete) V On June 1, Party Salad Dressings creates a petty cash fund with an imprest balance of $500. During June, Ruth Mangan, the fund custodian, signs the following petty cash tickets: (Click the icon to view the petty cash tickets.) On June 30, prior to replenishment, the fund contains these tickets plus cash of $255. The accounts affected by petty cash payments are Office Supplies, Travel Expense, Delivery Expense, Entertainment Expense, and Read the requirements. Journalize the replenishment of the fund. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit June 30 Requirement 4. Make the July 1 entry to increase the fund balance to $650. Include an explanation, and briefly describe what the custodian does. (Record debits first, then, credits. Select the explanation on the last line of the jo Make the entry July 1 to increase the fund balance to $650 Date Accounts and Explanation Debit Credit July 1 Briefly describe what the custodian does. The custodian the check and places of currency and coin Choose from any list or enter any number in the input fields and then continue to the next question. Type here to search O
