Homework Help is Here – Start Your Trial Now!
Business
Accounting
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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please assist in answering the question in the picture please be detailed as possible. Thank

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, Eminent prepared a petty cash payments report shown below: Petty Cash Payments Report Receipt No. Account Charged Approved by Recelved by Delivery Expense.. Morchandise Inventory. (Omitted) Miscellanoous Expense. 12 $ 29 Eminem A Smimoff 1. Daniels C Carbberg J. Walker 13 18 Eminem 15 32 Eminem 16 41 (Omitted) Total %24120 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?
Transcribed Image Text: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, Eminent prepared a petty cash payments report shown below: Petty Cash Payments Report Receipt No. Account Charged Approved by Recelved by Delivery Expense.. Morchandise Inventory. (Omitted) Miscellanoous Expense. 12 $ 29 Eminem A Smimoff 1. Daniels C Carbberg J. Walker 13 18 Eminem 15 32 Eminem 16 41 (Omitted) Total %24120 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?
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Personal Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS