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The petty cash fund of the Wee Ones Agency was established on May 1, 2017, at $75. At the end of the month, the fund
The petty cash fund of the Wee Ones Agency was established on May 1, 2017, at $75. At the end of the month, the fund contained $12.74 and had the following receipts: film rentals, $19.40; refreshments for meetings, $22.81 (both expenditures to be classified as Entertainment Expense); postage, $6.95; and printing, $13.10. Round all answers to the nearest cent.
- Prepare the journal entry to record the establishment of the fund.
- Prepare a summary of the petty cash payments and then record the reimbursement on May 31.
- Explain when the Petty Cash account would be credited in a journal entry.
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