Palmona Co. establishes a $250 petty cash fund on January 1. On January 8, the fund shows $145 in cash along with receipts for the following expenditures: postage, $43; transportation-in, $14; delivery expenses, $16; and miscellaneous expenses, $32. 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 $450 on January 8, assuming no entry in part 2. Hint: Make two separate entries for part 3.
+5
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Palmona Co. establishes a $250 petty cash fund on January 1. On January 8, the fund shows $145 in cash along with receipts for the ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Home » Business » Palmona Co. establishes a $250 petty cash fund on January 1. On January 8, the fund shows $145 in cash along with receipts for the following expenditures: postage, $43; transportation-in, $14; delivery expenses, $16; and miscellaneous expenses, $32.