Solution-Prepare the general journal entries to record

Prepare the general journal entries to record

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Reference no: EM133266840

Sky Ltd established a $500 petty cash fund. Olivia Brenton (OB) is the fund custodian. At the end of the first week, the petty cash fund contains the following:

Cash, $301
Petty cash slips as shown below:

No.	Amount	Issued to	Signed by	Items
144	$14	P.Kate	P. Kate and OB	Office supplies
145	$39	M. Arman	M. Arman	Delivery expense
147	$23	R. Bella	R. Bella and OB	-
148	$33	L. Blair	L. Blair and OB	Travel expense

Requirements

1. Prepare the general journal entries to record: (explanations aren't required)

a. Establishment of the petty cash fund.

b. Replenishment of the fund. Assume that petty cash slip no. 147 was issued for the miscellaneous expense.

2. Identify the two internal control weaknesses revealed in the given data

Reference no: EM133266840

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Prepare the general journal entries to record

Reference no: EM133266840

Reference no: EM133266840

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