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Prepare journal entries to record establishment of the fund

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Question: 1. 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. Prepare journal entries to record

(a) establishment of the fund and

(b) reimbursement of the fund at the end of the current period.

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

Reference no: EM131533548

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