Exercise 8-6 Petty cash fund accounting LO P2 Palmona Co. establishes a $150 petty cash fund on January 1. On January 8, the fund shows $55 in cash along with receipts for the the perpetual system in accounting for merchandise inventory Prepare journal entries to (0) establish the fund on January 1. (2) reimburse it on January 8, and (3) both reimburse the fund and g expenditures: postage, $38, transportation-in, $14, delivery expenses, $16; and miscellaneous expenses, $27. Palmona uses increase it to $200 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 General Journal Date Jan 01 View general journal Record entry Clear entry Exercise 8-6 Petty cash fund accounting LO P2 Palmona Co. establishes a $150 petty cash fund on January 1. On January 8, the fund shows $55 in cash along with receipts for the following expenditures: postage, $38: transportation-in, $14, delivery expenses, $16, and miscellaneous expenses, $27 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 $200 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. Debit Credit General Journal Date Jan 08 View general journal Clear entry Record entry Exercise 8-6 Petty cash fund accounting LO P2 Palmona Co. establishes a $150 petty cash fund on January 1. On January 8, the fund shows $55 in cash along with receipts fo following expenditures: postage, $38; transportation-in, $14, delivery expenses, $16; and misc the perpetual system in accounting for merchandise inventory ellaneous expenses, $27 Palmona use al entries to () establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $200 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. Date Debit Credit General Journal Jan 08 View general journal Record entry Clear entry Exercise 8-6 Petty cosh fund accounting LO P2 Palmona Co. establishes a $150 petty cash fund on January 1 On January 8, the fund shows $55 in cash along with receipts for the following expenditures: postage, $38 transportation-in, $14; delivery expenses, $16; and miscellaneous expenses, $27 Palmona uses the perpetual system in accounting for merchandise inventory Prepare journal entries to () establish the fund on January 1,(2) reimburse it on January 8, and (3) both increase it to $200 on January 8, assuming no entry in part 2. (Hint Make two separate entries for reimburse part 3) View transaction list Journal entry worksheet Record the increase of the petty cash fund. Note: Enter debits before credits Debit Credit Date General Journal Jan 08 View general journal Record entry Clear entry
