Horngren's Accounting (11th Edition)
Horngren's Accounting (11th Edition)
11th Edition
ISBN: 9780133856781
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 8, Problem P8.29BPGB
To determine

Introduction:

Petty Cash: Petty cash is the account in which small amount of cash is kept to meet the small day-to-day expenses that occur in an organisation.

Requirement 1:-

The characteristics & the internal control features of an imprest fund.

To determine

Requirement 2:-

To calculate: The amount of petty cash fund held on Sep 30.

To determine

Requirement 3:-

To calculate: Journalize the entry to create the fund and replenish it.

To determine

Requirement 4:-

To calculate: Journalize the entry on Sep 1 to increase the fund balance to $350 and describe the duties of custodian.

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