Jocelyn is the owner of Jocelyn's Thai Food. She has a policy that all payments must be
Question:
1. If she records the petty cash payments each time the fund is replenished, she will end up with a very large balance in petty cash at the end of the year.
2. What is the best way to control the payments from the fund? Should all employees have access to the petty cash fund? What types of payments should be made out of petty cash?
3. How often should the fund be replenished? Instructions Advise Jocelyn on each of her concerns over the petty cash fund.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Accounting
ISBN: 978-0176509743
Volume 1, 2nd canadian Edition
Authors: Carl warren, James Reeve, Jonathen Duchac, Sheila Elworthy,
Question Posted: