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
▼ . this clearly identifies the
▼ amount of cash for which the custodian is responsible amount of cash in the bank account at month end , and it is the system's main internal control feature.

1. what is the lowest balance during this period? 2. lily just received her bank statement below. a. what does the bank think her ending balance is? b. how much more does the bank think lily has? c. what transactions are missing? 3. what is the danger of not balancing your bank account? lily’s bank statement deposits: 2/25 $35 2/26 $20 3/1 $256.32 checks: 2/24 ck #301 $25 2/26 #302 $150 debit card: 2/24 american eagle $75.48 2/25 chick fa la $4.67 2/27 mcdonalds $3.56 2/28 chevron $34.76 withdrawal: 2/27 $40 beginning balance $423.34 deposits $311.32 total debits $333.47 ending balance $401.19