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Hangin’ Out Night Club maintains an imprest petty cash

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E7-23 Control over petty cash [10 min]

Hangin’ Out Night Club maintains an imprest petty cash fund of $100, which is
under the control of Sandra Morgan. At March 31, the fund holds $9 cash and petty
cash tickets for office supplies, $77, and delivery expense, $20.

Requirements

1. Explain how an imprest petty cash system works.

2. Journalize establishment of the petty cash fund on March 1 and replenishment of
the fund on March 31.

3. Prepare a T-account for Petty cash, and post to the account. What is Petty cash’s
balance at all times?

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