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B. Petty Cash Kamil Inc. maintains a petty cash fund for small expenditures. These transactions occurred...


B. Petty Cash Kamil Inc. maintains a petty cash fund for small expenditures. These transactions occurred during the month of
B. Petty Cash Kamil Inc. maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $250. 15 Replenished the petty cash fund by writing a check for $199.60. On this date, the fund consisted of $50.40 in cash and these petty cash receipts: freight-out $85.10, entertainment expense $42, postage expense $38.00, and miscellaneous expense $32.50. 16 Increased the amount of the petty cash fund to $400 by writing a check for $150. 31 Replenished the petty cash fund by writing a check for $372. On this date, the fund consisted of $28 in cash and these petty cash receipts: postage expense $185, entertainment expense $150.90, and freight-out $39.50. Instructions a. Journalize the petty cash transactions. b. What internal control features exist in a petty cash fund?
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1) Journalize the petty cash transactions.
Date Account Title and explanation Debit Credit
01-Aug Petty Cash $250.00
Cash $250.00
(To establish petty cash fund)
15-Aug Freight Out $ 85.10
Entertainment Expenses $ 42.00
Postage Expenses $ 38.00
Miscellaneous Expense $ 32.50
Cash Over and Short $    2.00
Cash $199.60
(To record cash expense)
16-Aug Petty Cash $150.00
Cash $150.00
(To replenish petty cash)
31-Aug Postage Expense $185.00
Entertainment Expense $150.90
Freight Out $ 39.50
Cash Over and Short $    3.00
Cash $372.00
(To record cash expense)
2) Post to the Petty Cash account.
Petty Cash
01-Aug Cash $250
16-Aug Cash $150
31-Aug Balance $400
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