Hello, I need help with the following question(s): rConnect ? ? ??Secure l https

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Hello, I need help with the following question(s):

rConnect ? ? ??Secure l https://newconnect.mheducation.com/flow/connect.html x G Google x C Chegg Study | Guided Sol x Ch 6 Exercises Saved Help Save & Exit Submit Check my work Exercise 6-6 Petty cash fund accounting LO P2 Palmona Co. establishes a $200 petty cash fund on January 1 On January 3, the fund shows S38 in cash along with receipts for the following expenditures: postage, $74, transportation-in, $29; delivery expenses, $1 and miscellaneous expenses, $43. Palmona uses the perpetual system in accounting for merchandise inventory pcinis Prepare journal entries to (1l) 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.) eBook Hint View transaction list Piint References 1 Prepare the journal entry to establish the Petty Cash fund 2 Record the reimbursement of the petty cash fund Record the reimbursement of the petty cash fund Record the increase of the petty cash fund 3 4 Credit Mc Graw 11:54 PMM O Type here to search 7/8/2018

Explanation / Answer

SOLUTION

S.No. Date Account titles and Explanation Debit ($) Credit ($) 1. Jan.1 Petty cash 200 Cash 200 (To establish a petty cash fund) 2. Jan.8 Postage expense 74 Photocopy expense 29 Delivery expense 16 Miscellaneous expense 43 Cash 162 (To reimburse the petty cash fund) 3. Jan.8 Postage expense 74 Photocopy expense 29 Delivery expense 16 Miscellaneous expense 43 Cash 162 (To reimburse the petty cash fund) Petty cash 250 Cash 250 (To increase the petty cash fund)

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