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Palmona Company establishes a $200 petty cash fund on January 1 . On January 8 , the fund shows $38 in cash along with receipts

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Palmona Company establishes a $200 petty cash fund on January 1 . 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. Paimona uses the perpetual system in accounting for merchandise inventory

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