Help Save & Exit Check m Exercise 6-6 Petty cash fund accounting LO P2 Palmona C

Question

Help Save & Exit Check m Exercise 6-6 Petty cash fund accounting LO P2 Palmona Co. establishes a $320 petty cash fund on January 1. On January 8, the fund shows $203 in cash along with receipts for the following expenditures: postage, $48; transportation-in, $15: delivery expenses, $17; and miscellaneous expenses, $37 Palmona user 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 $370 on January 8, assuming no entry in part 2. (Hint: Make two separate entries for part 3.) View transaction list Journal entry worksheet Prepare the journal entry to establish the Petty Cash fund Note: Enter debits before credits. Debit Credit Date General Journal Jan 01 Prev 1of 11ll Next >

Explanation / Answer

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Entry to establish petty cash fund Date account Title Debit Credit Jan.1 Petty cash fund 320 Cash 320

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