The petty cash fund of the Brooks Agency is established at $290.
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 in a journal entry.
Homework Answers
Solution
| transaction | General Journal | Debit | Credit | |
| 1a | Petty cash | $ 290.00 | ||
| Cash | $ 290.00 | |||
| (Petty cash fund created) | ||||
| 1b | Entertainment | $ 51.00 | ||
| Postage | $ 30.00 | |||
| Printing | $ 10.00 | |||
| Cash | $ 91.00 | |||
| (Petty cash replenished) |
Entries that make a credit to petty cash are
Fund amount is being reduced
Fund is being eliminated.
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