Question
Service World maintains a petty cash fund. The fund custodian encountered the following events. a. The fund was established when a check for $395 was
Service World maintains a petty cash fund. The fund custodian encountered the following events.
a. | The fund was established when a check for $395 was cashed and deposited into a locked cash box. |
b. | An employee submitted a receipt for a customer delivery costing $39 and was reimbursed in full from petty cash. |
c. | Another employee submitted a receipt for $79 for locksmith repairs to the office door and was reimbursed in full from petty cash. |
d. | An employee submitted a receipt for newspaper advertising that cost the company $69. She was given $69 from the petty cash box. |
e. | The petty cash custodian received and cashed a check that fully replenished the petty cash fund. |
f. | An employee submitted a receipt for $54 for supplies and was reimbursed in full from petty cash. |
g. | An employee submitted a receipt for $84 for filling up his personal vehicle. He was not reimbursed because it would violate company policy. |
h. | At the end of the month, a check was given to the petty cash custodian to not only replenish the petty cash fund but also increase the total fund to $545. |
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