Please assist in answering the question in the picture please be detailed as possible. Thank Question 2: Petty CashBacardi Company established a $150 petty cash fynd with Eminem as the petty cashier.When the fund balance reached $19 cash, Eminent prepared a petty cash paymentsreport shown below:Petty Cash Payments ReportReceipt No.Account ChargedApproved byRecelved byDelivery Expense..Morchandise Inventory.(Omitted)Miscellanoous Expense.12$ 29 EminemA Smimoff1. DanielsC CarbbergJ. Walker1318Eminem1532Eminem1641(Omitted)Total%24120Required:1. Identify four internal control weaknesses from the petty cash payments report.2. Prepare general journal entries to record the following:a. Establishment of the petty cash fund.b. Reimbursement of the fund. (Assume for this part only that petty cashReceipt No. 15 was issued for miscellaneous expenses.)3. What is the Petty Cash account balance immediately before reimbursement?4. What is the Petty Cash account balance Immediately after reimbursement?

Internal control is a control technique which is used by management to prevent from frauds, through…

Question 2: Petty Cash Bacardi Company established a $150 petty cash fynd with Eminem as the petty cashier. When the fund balance reached $19 cash, Eminenk prepared a petty cash payments report shown below: Petty Cash Payments Report Recelpt No. Account Charged Approved by Recelved by Delivery Expense... Morchandise Inventory... (Omitted).. Miscellaneous Expense.. 12 $29 Eminem A Smimoff 13 18 Eminem 1Daniels C Carbberg J. Walker 15 32 Eminem 41 (Omitted) $120 16 Total Required: 1. Identify four internal control weaknesses from the petty cash payments report. 2. Prepare general journal entries to record the following: a. Establishment of the petty cash fund. b. Reimbursement of the fund. (Assume for this part only that petty cash Receipt No. 15 was issued for miscellaneous expenses.) 3. What is the Petty Cash account balance immediately before reimbursement? 4. What is the Petty Cash account balance Immediately after reimbursement?

Question 2: Petty Cash Bacardi Company established a $150 petty cash fynd with Eminem as the petty cashier. When the fund balance reached $19 cash, Eminenk prepared a petty cash payments report shown below: Petty Cash Payments Report Recelpt No. Account Charged Approved by Recelved by Delivery Expense... Morchandise Inventory... (Omitted).. Miscellaneous Expense.. 12 $29 Eminem A Smimoff 13 18 Eminem 1Daniels C Carbberg J. Walker 15 32 Eminem 41 (Omitted) $120 16 Total Required: 1. Identify four internal control weaknesses from the petty cash payments report. 2. Prepare general journal entries to record the following: a. Establishment of the petty cash fund. b. Reimbursement of the fund. (Assume for this part only that petty cash Receipt No. 15 was issued for miscellaneous expenses.) 3. What is the Petty Cash account balance immediately before reimbursement? 4. What is the Petty Cash account balance Immediately after reimbursement?

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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