The petty cash fund of the Wee Ones Agency was established on May 1, 2023, at $75.
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The petty cash fund of the Wee Ones Agency was established on May 1, 2023, at $75. At the end of the month, the fund contained $13 and had the following receipts: film rentals, $19; refreshments for meetings, $23 (both expenditures to be classified as Entertainment Expense); postage, $7; and printing, $13.
1. Prepare the journal entry to record the establishment of the fund.
2. Prepare a summary of the petty cash payments similar to Exhibit 7.3, and then record the reimbursement on May 31.
3. Explain when the Petty Cash account would be credited in a journal entry.
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Related Book For
Fundamental Accounting Principles Volume 1
ISBN: 9781260881325
17th Canadian Edition
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
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