Palmona Co. establishes a $200 petty cash fund on January a. On January 8, the fund shows $38 in cash along with receipts for the following expenditures: postage, $74; transportation-in, $29; delivery expenses $16 and miscellaneous expenses, $43. Palmona uses the perpetual system in accounting for merchandise inventory. Prepapre journal entries to establish the fund on january 8. assuming no entry in part 2. (hint: make two separate entries for part 3)

book Financial and Managerial accounting 2017