Business, 08.02.2021 20:40 hannahblank2466

Palmona Co. establishes a $160 petty cash fund on January 1. On January 8, the fund shows $75 in cash along with receipts for the following expenditures: postage, $37; transportation-in, $10; delivery expenses, $12; and miscellaneous expenses, $26. Palmona uses the perpetual system in accounting for merchandise inventory. Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $210 on January 8, assuming no entry in part 2. (Hint: Make two separate entries for part 3.)

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Palmona Co. establishes a $160 petty cash fund on January 1. On January 8, the fund shows $75 in cas...

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