Business, 26.03.2020 20:06 Seaisnowblue
Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $97 in cash along with receipts for the following expenditures: postage, $44; transportation-in, $12; delivery expenses, $14; and miscellaneous expenses, $33. Palmona uses the perpetual system in accounting for merchandise inventory.
Required:
1. 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 $250 on January 8, assuming no entry in part 2. Hint: Make two separate entries for part 3.
Answers: 3
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Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $97 in cas...
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