Acc211 Fundamental Accounting Principal Macgraw Hill Connect Homework 8

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Home>Business & Finance homework help>Accounting homework helpThe 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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