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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Brooks Agency set up a petty cash fund for $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.
Manasvee S.
Brooks Agency set up a petty cash fund for $250. At the end of the current period, the fund contained $177 and had the following receipts: entertainment, $32; postage, $22; and printing, $19. Required: a. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period.
Kiona Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year): May 1: Prepared a company check for $300 to establish the petty cash fund. May 15: Prepared a company check to replenish the fund for the following expenditures made since May 1. a. Paid $93.60 for janitorial services. b. Paid $76.41 for miscellaneous expenses. c. Paid postage expenses of $52.20. d. Paid $68.58 to The County Gazette (the local newspaper) for an advertisement. e. Counted $23.01 remaining in the petty cashbox. May 16: Prepared a company check for $200 to increase the fund to $500. May 31: The petty cashier reports that $344.32 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. f. Paid postage expenses of $53.73. g. Reimbursed the office manager for business mileage, $42.78. h. Paid $44.17 to deliver merchandise to a customer, terms FOB destination. May 31: The company decides that the May 16 increase in the fund was too large. It reduces the fund by $50, leaving a total of $450. Required: 1. Prepare journal entries to establish the fund on May 1, to replenish it on May 15 and on May 31, and to reflect any increase or decrease in the fund balance on May 16 and May 31. (Round your answers to 2 decimal places.)
Akash M.
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