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: 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…

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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: The answer is as fallows

Q: Loucks Company established a $330 petty cash fund on October 2, 2024. The fund is replenished at the…

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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.