Essay
Williams Company established a petty cash fund on May 1, cashing a check for $250. The company reimbursed the fund on June 1 with the following results.
June 1: Cash in fund $64. Receipts: delivery expense $81; postage expense $39; and miscellaneous expense $62.
July 1: Cash in funds $43 Receipts: delivery expense $91; entertainment expense $71; and miscellaneous expense $45
On July 10, Williams increased the fund form $250 to $400.
Instructions
(a) Prepare journal entries for Williams Company for May 1, June 1, July 1, and July 10.
(b) What internal control features are present in the petty cash fund?
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