1 the petty cash fund of the kaley agency is
1. The petty cash fund of the Kaley Agency is established at $75. At the end of the current period, the fund contained $8.18 and had the following receipts: film rentals, $26.50, refreshments for meetings, $32.17 (both expenditures to be classified as Entertainment Expense); postage, $5.15; and printing, $3. Prepare journal entries to record
(a) Establishment of the fund
(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.
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