What is the balance of the petty cash account at all times

Reference no: EM131819251

Question: Controlling petty cash Hangin' Out Night Club maintains an imprest petty cash fund of $150, which is under the control of Sandra Morgan. At March 31, the fund holds $14 cash and petty cash tickets for office supplies, $120, and delivery expense, $30.

Requirements: 1. Explain how an imprest petty cash system works.

2. Journalize the establishment of the petty cash fund on March 1 and the replenishment 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?

Reference no: EM131819251

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