Exercise 8-10 (Static) Petty cash fund accounting LO P2 Palmona Company establishes a $200 petty cash fund on January 1. On January 8 , the fund shows $38 in cash along with receints for the following expenditures: postage, $74; transportation-In, $29; delivery expenses, $16 : and miscelloneous expenses, $43. Paimana uses the perpetual system in accounting for merchandise inventory. 1. Prepare the entry to estabilish 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 $450. Hint Make two entries. Journal entry worksheet 4 Record the journal entry to establish the petty cash fund. Note: Enter debits before credits. Journal entry worksheet 1 Record the reimbursement of the petty cash fund. Note: Enter debits before credits. Journal entry worksheet Record the reimbursement of the petty cash fund. Note: Enter debits before credits. Journal entry worksheet Record the increase of the petty cash fund. Note: Enter debits before credits
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