Homework i Saved Help Palmona Co. establishes a $270 petty cash fund on January 1. On January 8, the fund shows $181 in cash along with receipts for the following expenditures: postage, $39; transportation-in, $10; delivery expenses, $12; and miscellaneous expenses, $28. 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 $320 on January 8, assuming no entry in part 2. Hint: Make two separate entries for part 3. View transaction list Journal entry worksheet 1 2 3 4 Prepare the journal entry to establish the petty cash fund. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 1 Palmona Co. establishes a $270 petty cash fund on January 1. On January 8, the fund shows $181 in cash along with receipts for the following expenditures: postage, $39; transportation-in, $10; delivery expenses, $12; and miscellaneous expenses, $28. 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 $320 on January 8, assuming no entry in part 2. Hint: Make two separate entries for part 3. 10 points View transaction list 01:57:42 Journal entry worksheet eBook 1 2 3 4 > Record the reimbursement of the petty cash fund. Note: Enter debits before credits. Date General Journal Debit Credit Jan 08 Mlongonoral lournal 1 Palmona Co. establishes a $270 petty cash fund on January 1. On January 8, the fund shows $181 in cash along with receipts for the following expenditures: postage, $39; transportation-in, $10; delivery expenses, $12; and miscellaneous expenses, $28. 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 $320 on January 8, assuming no entry in part 2. Hint: Make two separate entries for part 3. View transaction list 01:57:13 Journal entry worksheet Book 1 2 3 4 Record the reimbursement of the petty cash fund. Note: Enter debits before credits. Date General Journal Debit Credit Jan 08 Palmona Co. establishes a $270 petty cash fund on January 1. On January 8, the fund shows $181 in cash along with receipts for the following expenditures: postage, $39; transportation-in, $10; delivery expenses, $12; and miscellaneous expenses, $28. 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 $320 on January 8, assuming no entry in part 2. Hint: Make two separate entries for part 3. View transaction list -39 Journal entry worksheet 1 2 3 4 Record the increase of the petty cash fund. Note: Enter debits before credits. Debit General Journal Date Credit Jan 08