What is the petty cash account balance immediately

Assignment Help Financial Accounting
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

Questions Cloud

Benefits of foreign direct investments in the philippines : Discuss four benefits of foreign direct investments in the Philippines. Support your discussions by naming the global firm making contributions to the Philippin
Construct an amortization table for the bonds : During 2020, ZW spent $180,000 developing a new plastic waste collection process. Construct an amortization table for the bonds
Establish identification of strengths : 1. Establish Identification of strengths as a route to success s by an entrepreneur
What factors affect employee motivation in the food industry : What factors affect employee motivation in the food industry?
What is the petty cash account balance immediately : Bacardi Company established a $150 petty cash fund with Eminem as the petty cashier. What is the Petty Cash account balance immediately
Explain stakeholder theory advocated by edward freeman : Do you think stakeholder theory advocated by Edward Freeman is in contrast to or in contradiction with what Milton Friedman articulates in his New York Times Ma
What the total job cost for job : Recently, Job P951 was completed with the following characteristics: Number of units in the job 20. What the total job cost for Job P951
How covid-19 has impacted the hotel industry : 24/7 Room ServiceWith no utility bills to pay, 24-hour room service and staff to make the beds and clean the bathroom, some hotel guests are not checking out of
Prepare the income tax expense section of income statement : Prepare the income tax expense section of the income statement for 2021, beginning with the line Income before income tax

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd