What is the petty cash account balance immediately

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Reference no: EM132918312

Question - Bacardi Company established a $150 petty cash fund with Eminem as the petty cashier. When the fund balance reached $19 cash, Eminem prepared a petty cash payments report shown below:

Required -

1. Identify four internal control weaknesses from the petty cash payments report.

2. Prepare general journal entries to record the following:

a. Establishment of the petty cash fund.

b. Reimbursement of the fund. (Assume for this part only that petty cash Receipt No. 15 was issued for miscellaneous expenses.)

3. What is the Petty Cash account balance immediately before reimbursement?

4. What is the Petty Cash account balance Immediately after reimbursement?

Reference no: EM132918312

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