Pharoah Ltd. designated Alexa Kidd as petty cash custodian and established a petty cash fund of $410. The fund was reimbursed when the cash in the fund was at $65. Petty cash receipts show that funds were disbursed for $160 of supplies and $183 of freight charges on inventory purchases. Prepare the entries needed to record the following independent transactions. (a) Assume that Pharoah decides to increase the size of the petty cash fund to $610 immediately after the reimbursement. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit

Pharoah Ltd. designated Alexa Kidd as petty cash custodian and established a petty cash fund of $410. The fund was reimbursed when the cash in the fund was at $65. Petty cash receipts show that funds were disbursed for $160 of supplies and $183 of freight charges on inventory purchases. Prepare the entries needed to record the following independent transactions. (a) Assume that Pharoah decides to increase the size of the petty cash fund to $610 immediately after the reimbursement. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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.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.
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