Palmona Co. establishes a $290 petty cash fund on January 1. On January 8, the fund shows $187 in cash along with reciepts for the following expenditures: postage, $44; transportation-in, $12; delivery expenses, $14; and muscellaneous expences, $33.
Palmona Co. establishes a $290 petty cash fund on January 1. On January 8, the fund shows $187 in cash along with receipts for the following expenditures: postage, $44, transportation-in, $12, delivery expenses, $14, and miscellaneous expenses, $33. Palmona use 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 reimburse the fund and increase it to $340 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. Date General Journal Debit Credit Jan 01 Record entry Clear entry View general journal Palmona Co establish following expenditures: postage, $44, transportation-in, $12 the perpetual system in accounting for merchandise inventory es a $290 petty cash fund on January 1 On January 8, the fund shows $187 in cash along with receipts for the delivery expenses, $14, and miscellaneous expenses, $33. Palmona uses Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and increase it to $340 on January 8, assuming no entry in part 2. (Hint Make two separate entries (3) both reimburse the fund and for part 3) Journal entry worksheet 2 Record the reimbursement of the petty cash fund. General Journal Jan 08 Clear entry Palmona Co establishes a $290 petty cash fund on January 1.On January 8, the fund shows $187 in cash along with receipts for the tollowing expendtures: postoge, S44, transportation-in, $12 delivery expenses, the perpetual system in accounting for merchandise inventory $14; and miscellaneous expenses, $33. Palmona uses Prepare journal entries to () establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the increase it to $340 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 S No Date Account Title Debit Credit Jan 08 Clear entry View goneral journal Record entry Palmona Co. establishes the perpet Prepare journal entries to (1) establish the fund on January 1 a $290 petty cash fund on January 1 On January 8, the fund shows $187 in cash along with receipts for the res: postage, $44, transportation-in, $12, delivery expenses, $14; and miscellaneous expenses, $33. Palmona uses ual system in accounting for merchandise inventory , (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $340 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 increase of the petty cash fund. Note: Enter debits before credits. General Journal Debit Credit Date Jan 08 Clear entry View general journal Record entry
