Acc211 Fundamental Accounting Principal MacGraw Hill Connect Homework 8
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 Journal Debit Credit
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 Journal Debit Credit
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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body preview (166 words)
xxx petty xxxx fund xx the Rio xxxxxx is xxxxxxxxxxx xx xxxx At the end of the current period, the fund contained $14 and xxx the xxxxxxxxx receipts: xxxx xxxxxxxx $19, refreshments for xxxxxxxxx xxx xxxxx xxxxxxxxxxxx xx xx classified xx Entertainment Expense); xxxxxxxx xxx and xxxxxxxxx xxxx
xxxxxxxxxxx journal xxxxxxx xx xxxxxx xxxxxxxxxxxxx xx xxx fund. xxxxx xxx xxx xxxx xx your xxxxxxxxxx
xxxxxxx xxxxxxxxxxxxxxxxxxxx
xxxxx xxxx xxx
xxxx xxxx
(b) Prepare journal entries xx xxxxxx xxxxxxxxxxxxx xx xxx fund xx the xxx of the xxxxxxx xxxxxxx xxxxx the "$" sign xx your xxxxxxxxxx
xxxxxxx xxxxxxxxxxxxxxxxxxxx
Entertainment xxxxxxx
Postage xxxxxxx
xxxxxxxx expense
Cash xxxx
2.
Identify the xxx xxxxxx xxxx xxxxx a Petty xxxx account xx be credited in x xxxxxxx entry. xxxxxx xxxx check box twice to clear xxx "?". xxxxx xxxxx xxx check box xxxx xx each answer xxxx applies.)
xxxx xxxxxx xxxxxx of xxx fund is xxxxx xxxxxxx xxxxxxxxx
The fund xx being xxxxxxxxxx xxxxxxxxx
xxx establish xxx petty xxxx xxxx
xxx increase xxx xxxxx cash xxxx
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