3 of 21 (0 complete) sings creates a petty cash fund with an imprest balance of
ID: 2549964 • Letter: 3
Question
3 of 21 (0 complete) sings creates a petty cash fund with an imprest balance of $300. During June, Jackson Demen cash tickets.) the fund contains these tickets plus cash of $105. The accounts affected by petty cash paymen nment El Data Table eristics a ance at n impre uch sh fund ed entrie Petty Cash Ticket Number 101 102 103 104 105 Item Amount s 10 20 50 65 70 todian is Office supplies Cab fare for executive Delivery of package across Business dinner Merchandise inventory town then, cr the fund Print Done nd Expl umber in the input fields and then continue to the next question. 30Explanation / Answer
Requirement-1
An imprest fund has petty Cash Fund balance at all times, which equals the sum of cash .plus the receipts that support payment from the funds. The internal Control feature of an imprest fund is that it identifying the amount of Money for which the fund Custodian is responsible.
Requirement -2
Computation of Petty Cash fund hold on June30 before replenished
Impresent Balance: $500
Disbursement made: $215
Balance : $85
Requirement-3 Create Imprest fund and replenished it
Journal Entry in the books of Farm Grown Salad Dressing
Date
Account & Explanation
Debit
Credit
1-June
Petty Cash
$300.00
Cash
$300.00
To record , Open the Petty Cash Fund
30-June
Office Supplies
$10.00
Cab fare for executive
$20.00
Delivery of package across town
$50.00
Business dinner
$65.00
Merchandised Inventory
$70.00
Cash Short or Over
$20.00
Cash
$185.00
To Record the expense and Cash Surplus credit and petty cash Replenished with $185
Requirment-4: Increse the fund balance to $400
Journal Entry in the books of Farm Grown Salad Dressing
Date
Account & Explanation
Debit
Credit
1-July
Petty Cash
$100.00
Cash
$100.00
To increase the cash fund balance to $400
Requirement-3 Create Imprest fund and replenished it
Journal Entry in the books of Farm Grown Salad Dressing
Date
Account & Explanation
Debit
Credit
1-June
Petty Cash
$300.00
Cash
$300.00
To record , Open the Petty Cash Fund
30-June
Office Supplies
$10.00
Cab fare for executive
$20.00
Delivery of package across town
$50.00
Business dinner
$65.00
Merchandised Inventory
$70.00
Cash Short or Over
$20.00
Cash
$185.00
To Record the expense and Cash Surplus credit and petty cash Replenished with $185
Requirment-4: Increse the fund balance to $400
Journal Entry in the books of Farm Grown Salad Dressing
Date
Account & Explanation
Debit
Credit
1-July
Petty Cash
$100.00
Cash
$100.00
To increase the cash fund balance to $400
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