1. The petty cash fund of the Brooks Agency is established at $230. At the...
50.1K
Verified Solution
Link Copied!
Question
Accounting
1. The petty cash fund of the Brooks Agency is established at $230. At the end of the current period, the fund contained $155 and had the following receipts: entertainment, $41; postage, $17; and printing, $17. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period.
2. Identify the two events from the following that cause a Petty Cash account to be credited in a journal entry. (Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.)
- Fund amount is being reduced.unanswered
- Fund amount is being increased.unanswered
- Fund is being eliminated.unanswered
- Fund is being established.
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.