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Requirement 1. Complete the following to explain how an imprest petty cash system works. Maintaining...

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Accounting

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Requirement 1. Complete the following to explain how an imprest petty cash system works. Maintaining the Petty Cash account at its is the nature of an imprest system. The imprest system requires that, the petty cash box contains cash and petty cash tickets that total the amount of the imprest balance . This clearly identifies th amount of cash for which the custodian is responsible , and it is the system's main internal control feature. Begin by journalizing the establishment of the petty cash fund on March 1. Requirements 1. Explain how an imprest petty cash system works. 2. Journalize the establishment of the petty cash fund on March 1 and the replenishment of the fund on March 31 . 3. Prepare a T-account for Petty Cash, and post to the account. What is the balance of the Petty Cash account at all times

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