The petty cash fund of the Brooks Agency is established at $220. At the end of t
ID: 2469205 • Letter: T
Question
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: film rentals, $25, refreshments for meetings, $30 (both expenditures to be classified as Entertainment Expense); postage, $16; and printing, $29.
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: film rentals, $25, refreshments for meetings, $30 (both expenditures to be classified as Entertainment Expense); 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.Explanation / Answer
Brooks Agency Journal Entry Account Title Dr $ Cr $ Cash 220 Petty Cash 220 (initial establishment of petty cash) Expenses JV entry Account Title Dr $ Cr $ Entertainment Expense 25 (film rental ) Entertainment Expense 30 ( refreshment) Postage Expenses 16 Printing Expense 29 Petty Cash 100 Reimburesment Expenses Cash 120 Petty Cash 120
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