Chapter 6 HW

mework * Inco Saved Help Save & Exit Submit Check my work QS 6-4 Petty cash accounting LO P2 1. The petty cash fund of the Brooks Agency is established at $140. At the end of the current period, the fund contained $37 and had the following receipts: entertainment, $48, postage, $28, and printing. $27 Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. View transaction list Journal entry worksheet Record the establishment of the petty cash fund. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clementy View general journal Saved Help Save & Exit Submit Check my work QS 6-4 Petty cash accounting LO P2 1. The petty cash fund of the Brooks Agency is established at $140. At the end of the current period, the fund contained $37 and had the following receipts entertainment, 48, postage. $28, and printing, $27. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. View transaction list Journal entry worksheet Record the reimbursement of the fund at the end of the current period. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal Help Save & Exit Submit Check my work Record the reimbursement of the fund at the end of the current period. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal 2. Identify the two events from the following that cause a Petty Cash account to be credited in a journal entry. (Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.) 2 Fund amount is being reduced. 2 Fund amount is being increased. Fund is being eliminated. Fund is being established Seved Help Seve & Exht Submit Check my work Exercise 6-6 Petty cash fund accounting LOP2 Palmona Co establishes a $270 petty cash fund on January 1 On January 8, the fund shows $161 in cash along with receipts for the following expenditures: postage. $48; transportation-in. 11, delivery expenses. $13, and miscellaneous expenses, $37. Palmora uses the perpetual system in accounting for merchandise inventory. Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $320 on January 8, assuming no entry in part 2 (Hint: Make two separate entries for part 3.) View transaction list Journal entry worksheet 0 2 3 4 0 Prepare the journal entry to establish the Petty Cash fund. Note: Enter debits before credits General Journal Debit Credit Jan 01 Record entry Clear entry View general journal LIFE WORK Help Save & Exh Submit Check my work Exercise 6-6 Petty cash fund accounting LO P2 Palmona Co. establishes a $270 petty cash fund on January 1. On January 8, the fund shows $161 in cash along with receipts for the following expenditures: postage, $48, transportation in, 511, delivery expenses, $13, and miscellaneous expenses, $37. Pamona uses the perpetual system in accounting for merchandise inventory points Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $320 on January 8, assuming no entry in part 2. Hint Make two separate entries for part 3) View transaction list Journal entry worksheet Record the reimbursement of the petty cash fund. Note: Enter debts before credits General Journal 1 Debit Credin. Jan 08 Record Ceny View general Journal Help Save & Exit Submit Check my work Exercise 6-6 Petty cash fund accounting LO P2 Palmona Co. establishes a $270 petty cash fund on January 1 On January 8, the fund shows 5161 in cash along with receipts for the following expenditures: postage, $48transportation-in, $11: delivery expenses. $13, and miscellaneous expenses, $37. Pamona uses the perpetual system in accounting for merchandise inventory Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $320 on January 8, assuming no entry in part 2 (Hint Make two separate entries for part 3) po 19 rn View transaction list Journal entry worksheet