Matton Corporation established a $250 petty cash fund on January 12, 2018. Kourtney Matton (KM) is...

 

 

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Matton Corporation established a $250 petty cash fund on January 12, 2018. Kourtney Matton (KM) is the fund custodian. At the end of the month, the petty cash fund contains the following: 6 Requirements - X 1. Identify three internal control weaknesses revealed in the given data. 2. Joumalize the following transactions: a. Establishment of the petty cash fund on January 12, 2018. b. Replenishment of the fund on January 31, 2018. Assume petty cash ticket no. 47 was issued for the purchase of office supplies. 3. What is the balance in the Petty Cash account immediately before replenishment? Immediately after replenishment? Print Done More Info a. Cash: $101 b. Petty cash tickets, as follows: No. Amount Issued to Signed by Account Debited 44 $ 15 B. Browner B. Browner and KM Office Supplies 45 41 J. Bryant J. Bryant Delivery Expense 47 47 A. Baldwin A. Baldwin and KM 48 34 H. Williams H. Williams and KM Travel Expense Print Done Requirement 1. Select the three internal control weaknesses revealed in the given data. O A. Petty cash ticket no. 47 does not indicate which account to debit on the actual ticket. O B. The fund custodian should not authorize petty cash tickets. Since KM authorized three of the four petty cash payments, a separation of duties issue exists. O C. Petty cash ticket no. 46 is missing. There is no indication of what happened to this ticket. D. The sum of the petty cash tickets exceeds the imprest balance, indicating that the petty cash asset has not been properly safeguarded. O E. The petty cash custodian (KM) did not sign petty cash ticket no. 45. Both the fund custodian and the recipient of the cash should sign the petty cash ticket. Requirement 2. Journalize the following transactions: (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) a. Establishment of the petty cash fund on January 12, 2018. Date Accounts and Explanation Debit Credit Jan. 12 Petty Cash 250 Cash 250 b. Replenishment of the fund on January 31, 2018. Assume petty cash ticket no. 47 was issued for the purchase of office supplies. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit Jan. 31 Requirement 3. What is the balance in the Petty Cash account immediately before replenishment? Immediately after replenishment? The balance in the Petty Cash account immediately before replenishment is 2$ The balance in the Petty Cash account immediately after replenishment is %24 Matton Corporation established a $250 petty cash fund on January 12, 2018. Kourtney Matton (KM) is the fund custodian. At the end of the month, the petty cash fund contains the following: 6 Requirements - X 1. Identify three internal control weaknesses revealed in the given data. 2. Joumalize the following transactions: a. Establishment of the petty cash fund on January 12, 2018. b. Replenishment of the fund on January 31, 2018. Assume petty cash ticket no. 47 was issued for the purchase of office supplies. 3. What is the balance in the Petty Cash account immediately before replenishment? Immediately after replenishment? Print Done More Info a. Cash: $101 b. Petty cash tickets, as follows: No. Amount Issued to Signed by Account Debited 44 $ 15 B. Browner B. Browner and KM Office Supplies 45 41 J. Bryant J. Bryant Delivery Expense 47 47 A. Baldwin A. Baldwin and KM 48 34 H. Williams H. Williams and KM Travel Expense Print Done Requirement 1. Select the three internal control weaknesses revealed in the given data. O A. Petty cash ticket no. 47 does not indicate which account to debit on the actual ticket. O B. The fund custodian should not authorize petty cash tickets. Since KM authorized three of the four petty cash payments, a separation of duties issue exists. O C. Petty cash ticket no. 46 is missing. There is no indication of what happened to this ticket. D. The sum of the petty cash tickets exceeds the imprest balance, indicating that the petty cash asset has not been properly safeguarded. O E. The petty cash custodian (KM) did not sign petty cash ticket no. 45. Both the fund custodian and the recipient of the cash should sign the petty cash ticket. Requirement 2. Journalize the following transactions: (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) a. Establishment of the petty cash fund on January 12, 2018. Date Accounts and Explanation Debit Credit Jan. 12 Petty Cash 250 Cash 250 b. Replenishment of the fund on January 31, 2018. Assume petty cash ticket no. 47 was issued for the purchase of office supplies. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit Jan. 31 Requirement 3. What is the balance in the Petty Cash account immediately before replenishment? Immediately after replenishment? The balance in the Petty Cash account immediately before replenishment is 2$ The balance in the Petty Cash account immediately after replenishment is %24

Answer rating: 100% (QA)

Requirement 1 Three Internal control weaknesses identified are A Petty cas... View the full answer