(L. OBJ. 9) Control over petty cash [10 min]
Steppin' Our Night Club maintains au imprest petty cash fund of $150, which is under the control of Brenda Montague. At December 31, the fund holds $14 cash and petty cash tickets for office supplies, $111, and delivery expense, $30.
Requirements
1. Explain how an imprest petty cash system works.
2. Journalize establishment of the petty cash fund on December 1 and replenishment of the fund on December 31.
3. Prepare a T-account for Perry cash, and post to the account. What is Petty cash balance at all times?
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