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3 May, 22:15

1. Brooks Agency set up a petty cash fund for $150. At the end of the current period, the fund contained $28 and had the following receipts: entertainment, $70; postage, $30; and printing, $22. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period.

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  1. 3 May, 22:50
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    The journal entries are as follows:

    1. Petty cash A/c Dr $150

    To Cash A/c $150

    (Being the establishment of petty cash is recorded)

    2.

    Entertainment expenses A/c Dr $70

    Postage expense A/c Dr $30

    Printing A/c Dr $22

    To Petty cash A/c $122

    (Being the reimbursement of petty cash fund is recorded)
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Home » Business » 1. Brooks Agency set up a petty cash fund for $150. At the end of the current period, the fund contained $28 and had the following receipts: entertainment, $70; postage, $30; and printing, $22.
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