Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 16 Aug 2017 My Price 7.00

Acting Company

Imprest (petty Cash) Fund transactions

p10. On July 1, 2014, Acting Company established an imprest (petty cash) fund in the amount of $800.00 in cash from a check drawn for the purpose of establishing the fund. On July 31, the petty cash fund has cash of $62.84 and the following receipts on hand: for merchandise received, $408.60; freight-in, $131.48; laundry service, $168.00; and miscellaneous expense, $29.08. A check was drawn to replenish the fund.

On Aug. 31, the petty cash fund has cash of $110.00 and the following receipts on hand: merchandise, $393.68; freight-in, $152.60; laundry service, $168.00; and miscel- laneous expense, $15.72. The petty cash custodian is not able to account for the excess cash in the fund. A check is drawn to replenish the fund.

ReQUIReD

1.    Prepare the journal entries necessary to record each of these transactions. The com- pany uses the periodic inventory system.

2.    aCCounting ConneCtion ▶ What are two examples of why a local semiprofes- sional baseball team might have need for an imprest (petty cash) system?

Answers

Maurice Tutor
(5)
Status NEW Posted 16 Aug 2017 10:08 PM My Price 7.00

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