Question
Palmona Company establishes a $200 petty cash fund on January 1. On January 31, the fund shows $38 in cash along with receipts for the
Palmona Company establishes a $200 petty cash fund on January 1. On January 31, the
fund shows $38 in cash along with receipts for the following expenditures: postage $74,
transportation-in $29, delivery expenses $16, and miscellaneous expense $43. Prepare the
journal entries to establish the petty cash fund and reimburse it on January 31?
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Financial Accounting
Authors: Walter B. Meigs, Robert F. Meigs, Mark Bettner, Ray Whittington
9th Edition
0070434360, 978-0070434363
