The following transactions were made by Mortimer Corp. in November 2015.
|
Nov. |
1 |
Established a petty cash fund of $1,000. |
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|
17 |
Reimbursed the fund for receipts as follows: |
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|
Office supplies |
$500 |
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|
Maintenance |
350 |
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|
Meals (selling expenses) |
100 |
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|
Petty cash on hand prior to reimbursement was $10. |
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|
19 |
Increased the fund by $1,000. |
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|
28 |
Reimbursed the fund for the following: |
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|
Office supplies |
$1,500 |
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|
Delivery charges |
300 |
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Petty cash on hand prior to reimbursement was $50. |
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Required:
- Prepare journal entries to record these transactions.
- Suggest improvements to the internal controls of Mortimer’s petty cash fund.
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