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 followingreceipts: 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. Journal entry worksheet12Record the establishment of the petty cash fund.Note: Enter debits before credits.Transaction1aGeneral JournalDebitCredit>

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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.

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.

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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Petty Cash Fund Entries Journalize the entries to record the following: a. Check No. 12-375 is issued to establish a petty cash fund of $800. b. The amount of cash in the petty cash fund is now $288. Check No. 12-476 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $4297; miscellaneous selling expense, $123; miscellaneous administrative expense, $77. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $500, record the discrepancy in the cash short and over account.) a. Journalize the entry to establish the petty cash fund. If an amount box does not require an entry, leave it blank. 88 b. Journalize the entry to replenish the petty cash fund. For a compound transaction, if an amount box does not require an entry, leave it blank.
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On September 29, the company determined that the petty cash fund needed to be increased to $1,000. What is the correct journal entry?
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2. The petty cash fund was established on April 10, 2020, in the amount of $300. These are the following expenditure made by petty cash custodian: Postage expense Mailing labels and other supplies 1.O.U from employees Shipping charges (to customer) Newspaper advertising Miscellaneous expense $27 $75.25 $25 $47.50 $33 $47.25 On April 30, 2020 the petty cash fund was reimbursed when the cash in the fund is at $25. Prepare the journal entries for the establishment of the fund and the reimbursement.
On June 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,300. A. On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $372, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $132. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $180. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $252, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $192. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed…
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