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olga55 [171]
3 years ago
8

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 followi

ng 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.
Business
1 answer:
Iteru [2.4K]3 years ago
6 0

Explanation:

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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