Palmona Company establishes a $280 petty cash fund on January 1. On January 8, the fund shows $175 in cash along with receipts for the following expenditures: postage. $43; transportation-in, $14, delivery expenses, $16; and miscellaneous expenses. $32. Palmona 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 $330. Hint Make two entries. Answer is not complete. No Date General Journal Credit Debit 280 1 > January 01 Petty cash Cash 280 2 January 08 Merchandise inventory Postage expense Miscellaneous expenses Delivery expense Cash 14 43 32 16 105 3 175 January 08 Petty cash Cash 3 175 50 4 January 08 Petty cash Cash 50