The petty cash fund of the Kaley Agency is established at $75. At the end of the

Question

The petty cash fund of the Kaley Agency is established at $75. At the end of the current period, the fund contained $8.18 and had the following receipts: film rentals, $26.50, refreshments for meetings, $32.17 (both expenditures to be classified as Entertainment Expense); postage, $5.15; and printing, $3. 1. (a) Prepare journal entries to record establishment of the fund. (b) Prepare journal entries to record reimbursement of the fund at the end of the current period. 2. Identify the two events that cause a Petty Cash account to be credited in a journal entry.

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