Requirement 1. Explain how an imprest petty cash system works.

1. bank balance 2. prescribed balance 3. reconciled balance

1. cash in the chequing account 2. cash still in the fund 3. debits to the petty cash account

1. cash in the chequing account 2. credits to the petty cash account 3. petty cash tickets for payments that have been made from the fund.

1. Explain how an imprest petty cash system works. 2. Atlantic Press maintains an imprest petty cash fund of $850, which is under the control of Gladys Yu. At August 31, the fund holds $100 cash and petty cash tickets for $646 of office supplies and $140 of delivery expenses. Journalize (a) establishment of the petty cash fund on August 1 and (b) replenishment of the fund on August 31. 3. 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) debits to the petty cash account plus (b) petty cash tickets for payments that have been made from the fund. cash in the chequing account. credits to the petty cash account. petty cash tickets for payments that have been made from the fund. Click to select your answer(s) and then click Check Answer. ? 4 parts remaining Clear All Final Check