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Palmona Company establishes a $200 petty cash fund on January 1. On January 31, the...

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Accounting

Palmona Company establishes a $200 petty cash fund on January 1. On January 31, the

fund shows $38 in cash along with receipts for the following expenditures: postage $74,

transportation-in $29, delivery expenses $16, and miscellaneous expense $43. Prepare the

journal entries to establish the petty cash fund and reimburse it on January 31?

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