**Recording Fund Reimbursement**The task is to record the reimbursement of the fund at the end of the current period.**Instructions:**- Enter debits before credits.**General Journal Template:**| Transaction | General Journal | Debit | Credit ||-------------|-----------------|-------|--------|| 1b | | | || | | | || | | | || | | | || | | | |This table is used for detailing the journal entries associated with the fund reimbursement. Each entry requires the transaction category, details of the accounts affected, and the respective debit and credit amounts. **1. Brooks Agency set up a petty cash fund for $140. At the end of the current period, the fund contained $37 and had the following receipts: entertainment, $48; postage, $28; and printing, $27. 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.**

1. Brooks Agency set up a petty cash fund for $140. At the end of the current period, the fund contained $37 and had the following receipts: entertainment, $48; postage, $28; and printing, $27. 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.

1. Brooks Agency set up a petty cash fund for $140. At the end of the current period, the fund contained $37 and had the following receipts: entertainment, $48; postage, $28; and printing, $27. 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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