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Prepare journal entries to record establishment of the fund

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Problem - Brooks Agency set up a petty cash fund for $280. At the end of the current period, the fund contained $198 and had the following receipts: entertainment, $50; postage, $24; and printing, $8.

Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. Record the establishment of the petty cash fund.

Reference no: EM132939070

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