value: 2.50 points QS 6-4 Petty cash accounting LO P2 1. The petty cash fund of

Question

value: 2.50 points QS 6-4 Petty cash accounting LO P2 1. The petty cash fund of the Brooks Agency is established at $110. At the end of the current period, the fund contained $18 and had the following receipts: film rentals, $26, refreshments for meetings, $28 (both expenditures to be classified as Entertainment Expense); postage, $30; and printing, $8. 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 Record the establishment of the petty cash fund Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal 2. Identify the two events from the following that cause a Petty Cash account to be credited in a journal entry Fund amount is being reduced Fund amount is being increased Fund is being eliminated Fund is being established

Explanation / Answer

2. Fund amount is being reduced

Fund is being eliminated

Transaction General Journal Debit Credit 1a Petty cash $110 Cash $110 1b Entertainment expense $54 Postage Expense $30 Printing Expenses $8 Cash $92

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