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Jazzy Night Club maintains an imprest petty cash fund of $250, which is under the control of Sandra Morgan. At

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Jazzy Night Club maintains an imprest petty cash fund of $250, which is under the control of Sandra Morgan. At March 31, the fund holds $24 cash and petty cash tickets for office supplies, $224, and delivery expense, $15.
Requirements
1. Explain how an imprest petty cash system works.
2. Journalize the establishment of the petty cash fund on March 1 and the replenishing of the fund on March 31.
3. Prepare a T-account for Petty Cash, and post to the account. What is the balance of the Petty Cash account at all times?

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Requirement 1 Maintaining the Petty Cash account at its designated b…View the full answer


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Horngrens Financial and Managerial Accounting

Horngrens Financial and Managerial Accounting

ISBN: 978-0133866292

5th edition

Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

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Question Posted: June 12, 2015 10:38:24
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