Use the information above to answer question Period 1: ........Cash to petty cashier.............N1000 ........Petty cashier pays out............N780 Period 2: ........Petty cashier pays out............N840 If the float is increased to N1200, how much should the petty cashier receive after period 2?
A. 160 B. 840 C. 1000 D. 1040
Correct Answer: D
Explanation
previous imprest - pay out in period 2; Â 1,000 -Â 840 = 160 Then when it is increased to 1200; 1200 - 160 = 1040 The petty cashier will be reimbursed with 1,040
