The petty cash fund of the Rio Agency is established at $75. At the end of the current period, the fund contained $14 and had the following receipts: film rentals, $19, refreshments for meetings, $23 (both expenditures to be classified as Entertainment Expense); postage, $6; and printing, $13.<\/p>\n
(a)Prepare journal entries to record establishment of the fund. (Omit the “$” sign in your response):<\/p>\n
General JournalDebitCredit<\/p>\n
Petty cash<\/p>\n
Cash<\/p>\n
(b)Prepare journal entries to record reimbursement of the fund at the end of the current period. (Omit the “$” sign in your response):<\/p>\n
General JournalDebitCredit<\/p>\n
Entertainment expense<\/p>\n
Postage expense<\/p>\n
Printing expense<\/p>\n
Cash<\/p>\n
2.<\/p>\n
Identify the two events that cause a Petty Cash account to be credited in a journal entry. (Click each check box twice to clear the “?”. Then, click the check box next to each answer that applies.)<\/p>\n
The dollar amount of the fund is being reduced<\/p>\n
The fund is being eliminated<\/p>\n
To establish the petty cash fund<\/p>\n
To increase the petty cash fund<\/p>\n","protected":false},"excerpt":{"rendered":"
The petty cash fund of the Rio Agency is established at $75. At the end of the current period, the fund contained $14 and had the following receipts: film rentals, $19, refreshments for meetings, $23 (both expenditures to be classified Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-49818","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/49818","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=49818"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/49818\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=49818"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=49818"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=49818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}