Acc211 Fundamental Accounting Principal MacGraw Hill Connect Homework 8

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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.

(a)Prepare journal entries to record establishment of the fund. (Omit the “$” sign in your response):

General JournalDebitCredit

Petty cash

Cash

(b)Prepare journal entries to record reimbursement of the fund at the end of the current period. (Omit the “$” sign in your response):

General JournalDebitCredit

Entertainment expense

Postage expense

Printing expense

Cash

2.

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.)

The dollar amount of the fund is being reduced

The fund is being eliminated

To establish the petty cash fund

To increase the petty cash fund

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