Score: 0 of 2 pts 2 of 3 (0 complete) HW Score: 0%,0016pts P7-25A (similar to) Q

Question

Score: 0 of 2 pts 2 of 3 (0 complete) HW Score: 0%,0016pts P7-25A (similar to) Question Help On June 1, Rockin Salad Dressings creates a pety cash und with an imprest balance of $250 Duing June, Al Franklin the fund custodian, signs the Sollowing petty cash Sckets l Cick the icon to view the pelty cash tickets) On June 30 prior to replenishment, the fund contains these ickets plus cash of $55 The accounts affected by petty cash payments are Office Supples, Travel Expense, Delivery Expense, Entertainment Expense, and Merchandise Inventory Read the teoments Requirement 1, Explain the characteristics and the internal control features of ??-prest find As mpret und haance t t sum ofs hppo pymnts h fd Th btal r hre of an inget n belance at all times, which equals the sum of that support payments fom the fund. The internal control feature of an imprest fund is that t the amount of money for which the fund custodian is responaible Data Table Petty Cash Ticket Number 101 102 Office supplis Cab fare for execuive 5 50 103 Delivery of package across ow Click to select your answens) and then cick Check Answer 104 Business dinner 105 Merchandise inventony

Explanation / Answer

An Imprest fund has fixed balance at all the times, which equal the sum of cash in hand plus of reciepts that support payments from the fund. The internal control feature of an imprest fund is that it fix the amount of money for which the fund custodian is responsible.

Req 2:

Petty cash fund balance 250 Less: Expense Incurred Office supplies 50 Travelling expense 10 Delivery expense 5 Entertainment expense 55 Merchandise Inventory 85 Balance at the end 45 Req 3: Journal entries: Date Accounts title and explanations Debit $ Credit $ 30-Jun Office supplies 50 Travelling expense 10 Delivery expense 5 Entertainment expense 55 Merchandise Inventory 85       Cash Account 195        Cash over/(Short) 10 30-Jun Petty cassh Account Dr. 150      Cash Account 150

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