Petty cash fund: A petty cash fund is the small amount of cash maintained by company in the hands of custodian to meet small expenses incurred in the day to day operations of the business. To determine: 1. The characteristics and the internal control features of an imprest fund. 2. How much cash should be the petty cash fund hold before it is replenished? 3. The journal entries to create the fund and replenish it, include explanations. 4. Make the October 1 entry to increase the fund balance to $800. Include an explanation and briefly describe what the custodian does.

Question

Want to see the full answer?

Answer 1

Question

Chapter 8, Problem P8.31BPGB

To determine

Petty cash fund:

A petty cash fund is the small amount of cash maintained by company in the hands of custodian to meet small expenses incurred in the day to day operations of the business.

To determine:

1. The characteristics and the internal control features of an imprest fund.

2. How much cash should be the petty cash fund hold before it is replenished?

3. The journal entries to create the fund and replenish it, include explanations.

4. Make the October 1 entry to increase the fund balance to $800. Include an explanation and briefly describe what the custodian does.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

General Accounting Question please answer do fast

Provide correct answer general Accounting

Don't use ai given answer accounting questions

Answer 2

Question

Chapter 8, Problem P8.31BPGB

To determine

Petty cash fund:

A petty cash fund is the small amount of cash maintained by company in the hands of custodian to meet small expenses incurred in the day to day operations of the business.

To determine:

1. The characteristics and the internal control features of an imprest fund.

2. How much cash should be the petty cash fund hold before it is replenished?

3. The journal entries to create the fund and replenish it, include explanations.

4. Make the October 1 entry to increase the fund balance to $800. Include an explanation and briefly describe what the custodian does.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 8, Problem P8.31BPGB

To determine

Petty cash fund:

A petty cash fund is the small amount of cash maintained by company in the hands of custodian to meet small expenses incurred in the day to day operations of the business.

To determine:

1. The characteristics and the internal control features of an imprest fund.

2. How much cash should be the petty cash fund hold before it is replenished?

3. The journal entries to create the fund and replenish it, include explanations.

4. Make the October 1 entry to increase the fund balance to $800. Include an explanation and briefly describe what the custodian does.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 8, Problem P8.31BPGB

To determine

Petty cash fund:

A petty cash fund is the small amount of cash maintained by company in the hands of custodian to meet small expenses incurred in the day to day operations of the business.

To determine:

1. The characteristics and the internal control features of an imprest fund.

2. How much cash should be the petty cash fund hold before it is replenished?

3. The journal entries to create the fund and replenish it, include explanations.

4. Make the October 1 entry to increase the fund balance to $800. Include an explanation and briefly describe what the custodian does.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 8, Problem P8.31BPGB

To determine

Petty cash fund:

A petty cash fund is the small amount of cash maintained by company in the hands of custodian to meet small expenses incurred in the day to day operations of the business.

To determine:

1. The characteristics and the internal control features of an imprest fund.

2. How much cash should be the petty cash fund hold before it is replenished?

3. The journal entries to create the fund and replenish it, include explanations.

4. Make the October 1 entry to increase the fund balance to $800. Include an explanation and briefly describe what the custodian does.

Answer 6

Chapter 8, Problem P8.31BPGB

To determine

Petty cash fund:

A petty cash fund is the small amount of cash maintained by company in the hands of custodian to meet small expenses incurred in the day to day operations of the business.

To determine:

1. The characteristics and the internal control features of an imprest fund.

2. How much cash should be the petty cash fund hold before it is replenished?

3. The journal entries to create the fund and replenish it, include explanations.

4. Make the October 1 entry to increase the fund balance to $800. Include an explanation and briefly describe what the custodian does.

Answer 7

Chapter 8, Problem P8.31BPGB

To determine

Petty cash fund:

A petty cash fund is the small amount of cash maintained by company in the hands of custodian to meet small expenses incurred in the day to day operations of the business.

To determine:

1. The characteristics and the internal control features of an imprest fund.

2. How much cash should be the petty cash fund hold before it is replenished?

3. The journal entries to create the fund and replenish it, include explanations.

4. Make the October 1 entry to increase the fund balance to $800. Include an explanation and briefly describe what the custodian does.

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 11

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

Concept explainers

Want to see the full answer?

Chapter 8 Solutions