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.
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter5: Cash Control Systems
Section: Chapter Questions
Problem 4AP
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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.
2. Identify the two events from the following that cause a Petty Cash account to be credited in a journal entry.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9de62490-29a1-4126-ad53-0c4c5fc3af72%2F5efe90e1-ae67-4505-b0f8-d4f7d9a5f980%2F30tnpic_processed.png&w=3840&q=75)
Transcribed Image Text: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.
![Journal entry worksheet
1
2
Record the establishment of the petty cash fund.
Note: Enter debits before credits.
Transaction
1a
General Journal
Debit
Credit
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9de62490-29a1-4126-ad53-0c4c5fc3af72%2F5efe90e1-ae67-4505-b0f8-d4f7d9a5f980%2F9j9ppjf_processed.png&w=3840&q=75)
Transcribed Image Text:Journal entry worksheet
1
2
Record the establishment of the petty cash fund.
Note: Enter debits before credits.
Transaction
1a
General Journal
Debit
Credit
>
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