a) Explain the characteristics and internal control features of an imprest fund. b) On June 30, how
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Question:
a) Explain the characteristics and internal control features of an imprest fund.
b) On June 30, how much cash should the petty cash fund hold before it is replenished?
c) Make general journal entries to (a) create the fund and (b) to replenish it.
d) Make the July 1 entry to increase the fund balance to $1,000.
Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood
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