The petty cash fund of the Wee Ones Agency was established on May 1, 2014, at $75.
Question:
1. Prepare the journal entry to record the establishment of the fund.
2. Prepare a summary of the petty cash payments similar to Exhibit 8.2 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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Step by Step Answer:
1 May 1 PettyCash 7500 Cash 7500 To record establishment of fu...View the full answer
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Related Book For 
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
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