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On June 1, Cool Salad Dressings creates a petty cash fund with an imprest balance of $350. During June, Michael Martell, 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 $75. 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 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. - X Accounts and Explanation Date June 1 Journalize the replenishment of the fund. (Prepare a single compound journal entry.) Accounts and Explanation Date Debit June 30 Debit Credit ETTE Credit plus the Data table that support payments from the fund. The internal control feature of an imprest Petty Cash Ticket Number Ticket No. 101 Ticket No. 102 Ticket No. 103 Ticket No. 104 Ticket No. 105 Item Office supplies Cab fare for executive Delivery of package across town Business dinner Merchandise inventory Print Done Amount $ 55 10 40 95 80

On June 1, Cool Salad Dressings creates a petty cash fund with an imprest balance of $350. During June, Michael Martell, 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 $75. 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 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. - X Accounts and Explanation Date June 1 Journalize the replenishment of the fund. (Prepare a single compound journal entry.) Accounts and Explanation Date Debit June 30 Debit Credit ETTE Credit plus the Data table that support payments from the fund. The internal control feature of an imprest Petty Cash Ticket Number Ticket No. 101 Ticket No. 102 Ticket No. 103 Ticket No. 104 Ticket No. 105 Item Office supplies Cab fare for executive Delivery of package across town Business dinner Merchandise inventory Print Done Amount $ 55 10 40 95 80

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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K On June 1, Cool Salad Dressings creates a petty cash fund with an imprest balance of $350. During June, Michael Martell, 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 $75. 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. balance at all times, which equals the sum of An imprest fund has 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. - X Accounts and Explanation Date June 1 Debit Journalize the replenishment of the fund. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit June 30 Credit CHO Credit plus the Data table Petty Cash Ticket Number Ticket No. 101 Ticket No. 102 Ticket No. 103 Ticket No. 104 Ticket No. 105 that support payments from the fund. The internal control feature of an imprest Item Office supplies Cab fare for executive Delivery of package across town Business dinner Merchandise inventory Print Done Amount 10 $ 55 40 95 80
Transcribed Image Text:K On June 1, Cool Salad Dressings creates a petty cash fund with an imprest balance of $350. During June, Michael Martell, 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 $75. 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. balance at all times, which equals the sum of An imprest fund has 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. - X Accounts and Explanation Date June 1 Debit Journalize the replenishment of the fund. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit June 30 Credit CHO Credit plus the Data table Petty Cash Ticket Number Ticket No. 101 Ticket No. 102 Ticket No. 103 Ticket No. 104 Ticket No. 105 that support payments from the fund. The internal control feature of an imprest Item Office supplies Cab fare for executive Delivery of package across town Business dinner Merchandise inventory Print Done Amount 10 $ 55 40 95 80
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