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. |
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) |
The petty cash fund of the Brooks Agency is established at $260. At the end of...
1. The petty cash fund of the Brooks Agency is established at $220. At the end of the current period, the fund contained $120 and had the following receipts: entertainment, $55; postage, $16; and printing, $29. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. Record the establishment of the petty cash fund. Record the reimbursement of the fund at the end of the current period.
QS 8-4 Petty cash accounting LO P2 1. The petty cash fund of the Brooks Agency is established at $290. At the end of the current period, the fund contained $199 and had the following receipts: entertainment, $51; postage, $30; and printing, $10. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. 2. Identify the two events from the following that cause a Petty Cash account to be credited...
1. Brooks Agency set up a petty cash fund for $100. At the end of the current period, the fund contained $16 and had the following receipts: entertainment, $53, postage, $20; and printing, $11. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. View transaction list Journal entry worksheet < 1 2 > Record the establishment of the petty cash fund. Note: Enter debits before credits....
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Knowledge Check 01 Recall on February Derrick Company established a $200 petty cash fund. On February 15, when the fund balance reached 57 the petty cash custodian prepared a petty cash report that summarized receipts for postage and printing 1554. Complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down menusRecall on February 1, Derck Company established a $200 petty cash fund. On February 15, when the fund balance reached the pretty cash custodian prepared...
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