QS 6-6 Petty cash accounting LO P2 1. Brooks Agency set up a petty cash fund for $280. At the end of the current period, the fund contained $198 and had the following receipts: entertainment, $50; postage, $24; and printing, $8. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “QS 6-6 Petty cash accounting LO P2 1. Brooks Agency set up a petty cash fund for $280. At the end of the current period, the fund contained ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
The current FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both taxes are applied to the first $7,000 of an employee's pay. Assume that an employee earned $8,900.
Answers (2)
What is the present value of $7,220 to be received at the end of each of 18 periods, discounted at 5% compound interest? (Round factor values to 5 decimal places, e. g. 1.25124 and final answer to 0 decimal places, e. g. 458,581.)
Answers (1)
Your company obtains a short term loan on September 1st, 2019 to cover costs to purchase inventory. The loan is for $50,000, the annual interest rate is 8%. The loan is for 7 months and matures on March 31st, 2020.
Answers (1)
Which of the following is true of good salespeople? Question 1 options: They know how to oversell their product so the customer can't say no. They have tenacity but know when to walk away and move on to the next sales prospect.
Answers (2)
Jordan loaned taylor $1,200 on march 15, 2009. taylor returned $1,260 on march 14, 2010. inflation was 2% over the 1-year period. what is the real interest rate that taylor paid? a. 2% b. 3% c. 5% d. 7%
Answers (1)
New Questions in Business
Suppose the government imposes regulations that reduce the amount of pollution in the air. In four or more sentences, define incentive, explain the government's incentive for this regulation and how effective this process is.
Answers (1)
Your bank offers a savings account that pays 3.5% interest, compounded annually. How much will $500 invested today be worth at the end of 25 years? a. $1,122.54b. $1,181.62c. $1,240.70d. $1,302.74e. $1,367.88
Answers (1)
Which of the following is FALSE about public-sector decision making? Decisions are based on majority rule. Incentives play a role in decision making. Decisions involve no opportunity cost.
Answers (2)
What isn't not a stock derivative
Answers (1)
Marshall's & Co. purchased a corner lot in Eglon City five years ago at a cost of $640,000. The lot was recently appraised at $810,000.
Answers (1)