QS8-9 Petty cash accounting p2 1. Brooks Agency set up a petty cash fund for $150. At the end of the current period, the

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QS8-9 Petty cash accounting p2
1. Brooks Agency set up a petty cash fund for $150. At the end of the current period, the fund contained $28 and had the following
receipts: entertainment, $70; postage, $30; and printing, $22. 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 from the following that cause a Petty Cash account to be credited in a journal entry.
a. Fund amount is being reduced.
b. Fund amount is being increased.
c. Fund is being eliminated.
d. Fund is being established.