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Prepare journal entries to record establishment of the fund

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Question - Brooks Agency set up a petty cash fund for $220. At the end of the current period, the fund contained $155 and had the following receipts: entertainment, $42; postage, $13; and printing, $10.

Identify the two events from the following that cause a Petty Cash account to be credited in a journal entry.

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

Reference no: EM133053377

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