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Please help me complete all four journal entries Palmona Company establishes a $200 petty cash fund on January 1. On January 8, the fund shows
Please help me complete all four journal entries
Palmona Company establishes a $200 petty cash fund on January 1. On January 8, the fund shows $97 in cash along with receipts for the following expenditures: postage, $41; transportation-in, $15; delivery expenses, $17; and miscellaneous expenses, $30. Palmona uses the perpetual system in accounting for merchandise inventory.
- Prepare the entry to establish the fund on January 1.
- Prepare the entry to reimburse the fund on January 8 under two separate situations:
- To reimburse the fund.
- To reimburse the fund and increase it to $250. Hint: Make two entries.
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