2 2 5 points Palmona Company establishes a 270 petty cash fund on January 1...
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2 2 5 points Palmona Company establishes a 270 petty cash fund on January 1 On January 8 the fund shows 165 in cash along with receipts for the following expenditures postage 44 transportation in 13 delivery expenses 15 and miscellaneous expenses 33 Palmona uses the perpetual system in accounting for merchandise inventory 1 Prepare the entry to establish the fund on January 1 2 Prepare the entry to reimburse the fund on January 8 under two separate situations a To reimburse the fund b To reimburse the fund and increase it to 320 Hint Make two entries No 1 2 Date January 01 January 08 Petty cash Cash Postage expense Transportation in Delivery expense Miscellaneous expenses Cash Answer is not complete General Journal 300 3 3 Debit 270 36 x 13 15 25 X 50 X Credit 270 Return to question 89 x
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