1. Brooks Agency set up a petty cash fund for $230. At the end of the current period, the fund contained $132 and had the following receipts: entertainment $42, postage $29, 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. See attached images

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A:

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A: Petty cash refers to the amount that is kept aside in the business for the payments of small amounts…

Q: Please see image

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A:

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A: Journal: Recording of a business transactions in a chronological order.

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A: Please find the answers to the above questions below:

Q: 1. Brooks Agency set up a petty cash fund for $140. At the end of the current period, the fund…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Q: establish a petty following information pertains to the fund. 1) On April 1, 2021, a petty cash fund…

A: The petty cash fund is established to maintain the cash balance for day to day transactions of the…

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A: > >Petty Cash fund is created out of cash account to pay off certain small and petty…

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A: Petty cash funds are those funds which are maintained for small petty expenses of the business.…

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A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

Q: Palmona Co. establishes a $300 petty cash fund on January 1. On January 8, the fund shows $211 in…

A: The answer is as fallows

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Q: Palmona Company establishes a $180 petty cash fund on January 1. On January 8, the fund shows $83 in…

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A: >Petty Cash fund is created out of cash account to pay off certain small and petty amounts of…

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A: Answer a:

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A: Petty cash is the fund which is given to cashier to meet up the short term needs of the business. It…

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A: Petty cash: Petty cash fund is eastiblished to pay insignifinant amount small expenses like office…

Q: On April 2, Granger Sales decides to establish a $280 petty cash fund to relieve the burden on…

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Q: Palmona Company establishes a $180 petty cash fund on January 1. On January 8, the fund shows $85 in…

A: Petty cash is a small amount of cash that is kept on hand and used for these types of expenditures…

Q: On September 1, French company has decided to initiate a petty cash fund in the amount of $800.…

A: Journal entry is a process of recording and classifying business transactions into books of accounts…

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.