Petty Cash: Petty cash is the account in which small amount of cash is kept to meet the small day-to-day expenses that occur in an organisation. Requirement 1:- The characteristics & the internal control features of an imprest fund.

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Answer 1

Question

Chapter 8, Problem P8.23APGA

To determine

Introduction:

Petty Cash: Petty cash is the account in which small amount of cash is kept to meet the small day-to-day expenses that occur in an organisation.

Requirement 1:-

The characteristics & the internal control features of an imprest fund.

To determine

Requirement 2:-

To calculate: The amount of petty cash fund held on Jun 30.

To determine

Requirement 3:-

To calculate: Journalize the entry to create the fund and replenish it.

To determine

Requirement 4:-

To calculate: Journalize the entry on Jul 1 to increase the fund balance to $500 and describe the duties of the custodian.

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On 1st May, 2024 you are engaged to audit the financial statement of Giant Pharmacy for the period ending 30th December 2023. The Pharmacy is located at Mgeni Nani at the outskirts of Mtoni Kijichi in Dar es Salaam City. Materiality is judged to be TZS. 200,000/=. During the audit you found that all tests produced clean results. As a matter of procedures you drafted an audit report with an unmodified opinion to be signed by the engagement partner. The audit partner reviewed your file in October, 2024 and concluded that your audit complied with all requirements of the international standards on auditing and that; sufficient appropriate audit evidence was in the file to support a clean audit opinion. Subsequently, an audit report with an unmodified opinion was issued on 1st November, 2024. On 18th January 2025, you receive a letter from Dr. Fatma Shemweta, the Executive Director of the pharmacy informing you that their cashier who has just absconded has been arrested in Kigoma with TZS.…

Answer 2

Question

Chapter 8, Problem P8.23APGA

To determine

Introduction:

Petty Cash: Petty cash is the account in which small amount of cash is kept to meet the small day-to-day expenses that occur in an organisation.

Requirement 1:-

The characteristics & the internal control features of an imprest fund.

To determine

Requirement 2:-

To calculate: The amount of petty cash fund held on Jun 30.

To determine

Requirement 3:-

To calculate: Journalize the entry to create the fund and replenish it.

To determine

Requirement 4:-

To calculate: Journalize the entry on Jul 1 to increase the fund balance to $500 and describe the duties of the custodian.

Expert Solution & Answer

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Answer 3

Question

Chapter 8, Problem P8.23APGA

To determine

Introduction:

Petty Cash: Petty cash is the account in which small amount of cash is kept to meet the small day-to-day expenses that occur in an organisation.

Requirement 1:-

The characteristics & the internal control features of an imprest fund.

To determine

Requirement 2:-

To calculate: The amount of petty cash fund held on Jun 30.

To determine

Requirement 3:-

To calculate: Journalize the entry to create the fund and replenish it.

To determine

Requirement 4:-

To calculate: Journalize the entry on Jul 1 to increase the fund balance to $500 and describe the duties of the custodian.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 8, Problem P8.23APGA

To determine

Introduction:

Petty Cash: Petty cash is the account in which small amount of cash is kept to meet the small day-to-day expenses that occur in an organisation.

Requirement 1:-

The characteristics & the internal control features of an imprest fund.

To determine

Requirement 2:-

To calculate: The amount of petty cash fund held on Jun 30.

To determine

Requirement 3:-

To calculate: Journalize the entry to create the fund and replenish it.

To determine

Requirement 4:-

To calculate: Journalize the entry on Jul 1 to increase the fund balance to $500 and describe the duties of the custodian.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 5

Chapter 8, Problem P8.23APGA

To determine

Introduction:

Petty Cash: Petty cash is the account in which small amount of cash is kept to meet the small day-to-day expenses that occur in an organisation.

Requirement 1:-

The characteristics & the internal control features of an imprest fund.

To determine

Requirement 2:-

To calculate: The amount of petty cash fund held on Jun 30.

To determine

Requirement 3:-

To calculate: Journalize the entry to create the fund and replenish it.

To determine

Requirement 4:-

To calculate: Journalize the entry on Jul 1 to increase the fund balance to $500 and describe the duties of the custodian.

Answer 6

Chapter 8, Problem P8.23APGA

To determine

Introduction:

Petty Cash: Petty cash is the account in which small amount of cash is kept to meet the small day-to-day expenses that occur in an organisation.

Requirement 1:-

The characteristics & the internal control features of an imprest fund.

Answer 7

Chapter 8, Problem P8.23APGA

To determine

Introduction:

Petty Cash: Petty cash is the account in which small amount of cash is kept to meet the small day-to-day expenses that occur in an organisation.

Requirement 1:-

The characteristics & the internal control features of an imprest fund.

Answer 8

To determine

Requirement 2:-

To calculate: The amount of petty cash fund held on Jun 30.

Answer 9

To determine

Requirement 2:-

To calculate: The amount of petty cash fund held on Jun 30.

Answer 10

To determine

Requirement 3:-

To calculate: Journalize the entry to create the fund and replenish it.

Answer 11

To determine

Requirement 3:-

To calculate: Journalize the entry to create the fund and replenish it.

Answer 12

To determine

Requirement 4:-

To calculate: Journalize the entry on Jul 1 to increase the fund balance to $500 and describe the duties of the custodian.

Answer 13

To determine

Requirement 4:-

To calculate: Journalize the entry on Jul 1 to increase the fund balance to $500 and describe the duties of the custodian.

Answer 14

Expert Solution & Answer

Answer 15

Expert Solution & Answer

Answer 16

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Answer 17

Ch. 8 - Which of the following is not part of the...Ch. 8 - Prob. 2QC Ch. 8 - Prob. 3QC Ch. 8 - Prob. 4QC Ch. 8 - Prob. 5QC Ch. 8 - Prob. 6QC Ch. 8 - Prob. 7QC Ch. 8 - Prob. 8QC Ch. 8 - Prob. 9QC Ch. 8 - Prob. 10QC

Petty Cash: Petty cash is the account in which small amount of cash is kept to meet the small day-to-day expenses that occur in an organisation. Requirement 1:- The characteristics & the internal control features of an imprest fund.

Concept explainers

Introduction:

Petty Cash: Petty cash is the account in which small amount of cash is kept to meet the small day-to-day expenses that occur in an organisation.

Requirement 1:-

The characteristics & the internal control features of an imprest fund.

Requirement 2:-

To calculate: The amount of petty cash fund held on Jun 30.

Requirement 3:-

To calculate: Journalize the entry to create the fund and replenish it.

Requirement 4:-

To calculate: Journalize the entry on Jul 1 to increase the fund balance to $500 and describe the duties of the custodian.

Want to see the full answer?

Chapter 8 Solutions

Petty Cash: Petty cash is the account in which small amount of cash is kept to meet the small day-to-day expenses that occur in an organisation. Requirement 1:- The characteristics &amp; the internal control features of an imprest fund.

Concept explainers

Introduction: Petty Cash: Petty cash is the account in which small amount of cash is kept to meet the small day-to-day expenses that occur in an organisation. Requirement 1:- The characteristics & the internal control features of an imprest fund.

Requirement 2:- To calculate: The amount of petty cash fund held on Jun 30.

Requirement 3:- To calculate: Journalize the entry to create the fund and replenish it.

Requirement 4:- To calculate: Journalize the entry on Jul 1 to increase the fund balance to $500 and describe the duties of the custodian.

Want to see the full answer?

Chapter 8 Solutions

Petty Cash: Petty cash is the account in which small amount of cash is kept to meet the small day-to-day expenses that occur in an organisation. Requirement 1:- The characteristics & the internal control features of an imprest fund.

Introduction:

Petty Cash: Petty cash is the account in which small amount of cash is kept to meet the small day-to-day expenses that occur in an organisation.

Requirement 1:-

The characteristics & the internal control features of an imprest fund.

Requirement 2:-

To calculate: The amount of petty cash fund held on Jun 30.

Requirement 3:-

To calculate: Journalize the entry to create the fund and replenish it.

Requirement 4:-

To calculate: Journalize the entry on Jul 1 to increase the fund balance to $500 and describe the duties of the custodian.