What should happen to the petty cashier

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Reference no: EM133609815

Question: On September 7, Print-o-matic Ltd. decided to begin using a petty cash fund. A cheque for $50 was issued and cashed. The $50 cash was given to the receptionist who was to act as petty cashier. The receptionist/petty cashier was told to obtain authorized vouchers for all payments. No payments could exceed $20. The petty cash was to be replenished when the balance in the box reached $10. When this happened, a summary of vouchers was to be prepared and given to the accountant. Prepare the Petty Cash Log with the following information. • delivery expense $15.75 • office expense $6.33 • advertising expense $19.00 • postal expense $3.86 What is the cash on hand? What is the replenish amount? What should happen to the petty cashier?

Reference no: EM133609815

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