The petty cash fund of the Brooks Agency is established at $260. At the end of...
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The petty cash fund of the Brooks Agency is established at $260. At the end of the current period, the fund contained $189 and had the following receipts: film rentals, $14, refreshments for meetings, $28 (both expenditures to be classified as Entertainment Expense); postage, $15; and printing, $14. |
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| Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. |
Homework Answers
| a) | General Journal | Debit | Credit |
| Petty cash fund | $ 260 | ||
| Cash | $ 260 | ||
| (Establishment of petty cash fund) | |||
| b) | Entertainment Expenses | $ 42 | |
| Postage Expenses | $ 15 | ||
| Printing Expenses | $ 14 | ||
| Petty cash fund | $ 71 | ||
| (Entry for expenditure from petty cash fund) | |||
| Petty cash fund | $ 71 | ||
| Cash | $ 71 | ||
| (Reimbursement to petty cash fund) |
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The petty cash fund of the Brooks Agency is established at $260.
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