matton corporation established a $700 petty cash fund on January 12, 2018. kriss
ID: 2546278 • Letter: M
Question
matton corporation established a $700 petty cash fund on January 12, 2018. krissa matton (km) is the fund custodian. at the end of the month, the petty cash fund contains the following: requirement 1. select three internal control weaknesses revealed in the given data. SPACC211-001 Quiz: CH7 PostQ This Question: 1 pt 4 of 7 Matton Corporation established a $700 pefty cash fund on January 12, 2018 Krissa Matton (KM) is the fund custodian. At the end of the month, the petty cash fund contains the following (Click the icon to view the information) Read the tequirements Requirement 1. Select the three internal control weaknesses revealed in the given data A. The petty cash custodian (KM) did not sign petty cash ticket no 45. Both the fund custodian and the recipient of the cash should sign the petty cash ticket B. The fund custodian should not authorize petty cash Sckets Since KM authorized three of the four petty cash payments a separation of duties issue exists C. petty cash ticket no 46 is missing There is no idcation of what happened to this ticket D. The sum erthe peny cash Sckats exceeds the imprest balance indcating that the petty cash asset has not been E. Petty cash ticket no 47 does not indicate which account to debit on the actual ticket Requirement 2. Journalize the following transactions (Record debits first, then, credits Select the explanation on the last liee of the journal entry table) a. Establishment of the pey cash fund on January 12.2018 Date Debit Jan 12 0 Type here to searchExplanation / Answer
Requirement 1:
Three internal control weaknesses:
A. The petty cash custodian did not sign petty cash ticket n. 45. Both the fund custodian ......
C. Petty cash ticket no 46 is missing. There is no indication .......
E. Petty cash ticket no 47 does not indicate.....
Requirement 2:
a.
b.
Requirement:
Balance in Petty Cash account immediately before replishment : $ 547
Balance in Petty Cash account immediately after replenishment : $ 700
Date Account Titles Debit Credit $ $ Jan 12 Petty Cash 700 Cash 700Related Questions
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