1 Palmona Co establishes a $260 petty cash fund on January 1. On January 8, the fund shows $173 in cash along with recei

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1 Palmona Co Establishes A 260 Petty Cash Fund On January 1 On January 8 The Fund Shows 173 In Cash Along With Recei 1 (24.05 KiB) Viewed 10 times

1 Palmona Co establishes a $260 petty cash fund on January 1. On January 8, the fund shows $173 in cash along with receipts for the following expenditures postage, $38, transportation-in, $10, delivery expenses, $12, and miscellaneous expenses, $27. Palmona uses the perpetual system in accounting for merchandise inventory 42900 points awarded Seped 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 $310 on January 8, assuming no entry in part 2. Hint: Make two separate entries for part 3 No 1 2 S Date Jan 01 Jan 08 Jan 00 Jan Petty cash Cash Merchandise inventory Postage expense Miscellaneous expenses Cash short and over Cash Petty cash Merchandion in General Journal O 00 O 0000000000 00 Debit 260 Ⓒ 100 300 210 20 0000 500 10 O Credit 260 870 50 a O