Exercise 8-10 Petty cash fund accounting LOP2 Palmona Co. establishes a $240 petty cash fund on January 1. On January 8, the fund shows $143 in cash along with receipts for the following expenditures: postage. $41 transportation-in, $12, delivery expenses, $14; and miscellaneous expenses, $30. Palmon 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 $290 on January 8, assuming no entry in part 2. Hint: Make two separate entries for part 3. View transaction list Journal entry worksheet Record the reimbursement of the petty cash fund. Note: Enter debits before credits General Journal Debit Credit Date Jan 08 Journal entry worksheet