Paimona Company establishes a $180 petty cash fund on January 1. On January 8, the fund shows $69 in cash along with receipts for the following expenditures: postage, \$47, transportation-in, \$13; delivery expenses, \$15; and miscellaneous expenses, $36. Paimona uses the perpetual system in accounting for merchandise inventory. 1. Prepare the entry to establish the fund on January 1. 2. Prepare the entry to reimburse the fund on January 8 under two separate situations: a. To reimburse the fund b. To reimburse the fund and increase it to $230. Hint Make two entries. Journal entry worksheet Pecord the journal entry to establish the petty cash fund. Noter Enter debits before oredits. Palmona Company establishes a $180 petty cash fund on January 1. On January 8 , the fund shows $69 in cash along with receipts for the following expenditures. postage, \$47; transportation-in, \$13; delivery expenses, \$15; and miscellaneous expenses, $36. Palmona uses the perpetual system in accounting for merchandise irventory. 1. Prepare the entry to establish the fund on January 1 . 2. Prepare the entry to reimburse the fund on January 8 under two separate situations: a. To reimburse the fund. b. To reimburse the fund and increase it to $230. Hint Make two entries Journal entry worksheet Record the reimbursement of the petty cash fund. Note: Enter debits belace credits. Palmona Company establishes a $180 petty cash fund on January 1 . On January 8 , the fund shows $69 in cash along with receipts for the following expenditures; postage, \$47, transportation-in, \$13; delivery expenses, \$15; and miscellaneous expenses, \$36. Paimona uses the perpetual system in accounting for merchandise inventory. 1. Prepare the entry to establish the fund on January 1 . 2. Prepare the entry to reimburse the fund on January 8 under two separate situations: a. To reimburse the fund. b. To reimburse the fund and increase it to $230. Hint. Make two entries. Journal entry worksheet Record the reimbursement of the petty cash fund. Note: Enter debits before credits. almona Company establishes a $180 petty cash fund on January 1 . On January 8 , the fund shows $69 in cash along with receipts for he following expenditures: postage, $47; transportation-in, \$13; delivery expenses, $15; and miscellaneous expenses, $36. Palmona ises the perpetual system in accounting for merchandise inventory. 1. Prepare the entry to establish the fund on January 1 2. Prepare the entry to reimburse the fund on January 8 under two separate situations: a. To reimburse the fund. b. To reimburse the fund and increase it to $230. Hint Make two entries. Journal entry worksheet
