Palmona Co. establishes a $230 petty cash fund on January 1.On January 8, the fu

Question

Palmona Co. establishes a $230 petty cash fund on January 1.On January 8, the fund shows $127 in cash along with receipts for the following expenditures: postage, $45; transportation-in, $11, delivery expenses, $13; and miscellaneous exp the perpetual system in accounting for merchandise inventory enses, $34. Palmona uses Prepare journal entries to () establish the fund on January 1,(2) reimburse it on January 8, and (3) both reimburse the fun increase it to $280 on January 8, assuming no entry in part 2 (Hint Make two separate entries for part 3) d and View transaction list Journal entry worksheet Prepare the journal entry to establish the Petty Cash fund Note: Enter debits before credits. Date Jan 01 y cash Cash 230 230

Explanation / Answer

Date Account's tittle $ $ 1-Jan Petty Cash 230 Cash 230 ( Establishment of petty cash) 8-Jan Postage 45 Transportation - in 11 Delivery Expenses 13 Miscellaneous expenses 34 Petty Cash 103 ( To be record expenses from petty cash ) 8-Jan Petty Cash 153 Cash 153 ( Re- statement of petty cash up to $ 280 )

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