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?

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?

The correct answer is D. 1040

previous imprest - pay out in period 2;

1,000 - 840 = 160

Then when it is increased to 1200;

1200 - 160 = 1040

The petty cashier will be reimbursed with 1,040