Jazzy Night Club maintains an imprest petty cash fund of $250, which is under the control of Sandra Morgan. At
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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Question Posted: June 12, 2015 10:38:24