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.

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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.

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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

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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

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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

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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

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Answer 9

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Answer 10

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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

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