Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

thank4you! Palmona Co. establishes a $140 petty cash fund on January 1, On January 8, the fund shows $53 in cash along with receipts for

thank4you! image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Palmona Co. establishes a $140 petty cash fund on January 1, On January 8, the fund shows $53 in cash along with receipts for the following expenditures: postage. $37, transportation.in $11: delivery expenses, $13; and miscellaneous expenses, $26. Palmona uses the perpetual system in accounting for merchandise inventory. Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and Increase it to $190 on January 8, assuming no entry in part 2. Hint: Make two separate entries for part 3. View transaction list Journal entry worksheet 1 2 3 4 Prepare the journal entry to establish the petty cash fund, Nonter debts before credits General Journal Date Jan 01 Debit Credit Prepare joumal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reim increase it to $190 on January 8, assuming no entry in part 2. Hint Make two separate entries for part 3. View transaction list Journal entry worksheet 1 2 3 4 > Record the reimbursement of the petty cash fund. Note: Enter debits before credits Date General Journal Debit Credit Jan 08 Record entry Clear entry View general Journal following expenditures: postage, $37, transportation-in. $11: delivery expenses. $13; and miscellaneous expenses, $26. F the perpetual system in accounting for merchandise inventory. Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fur increase it to $190 on January 8, assuming no entry in part 2. Hint: Make two separate entries for part 3. View transaction list Journal entry worksheet 1 2 3 4 Record the reimbursement of the petty cash fund. Note: Enter debits before credits Date General Journal Debit Credit Jan 08 Record entry Clementy View general journal the perpetual system in accounting for merchandise inventory. Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse th increase it to $190 on January 8, assuming no entry in part 2. Hint Make two separate entries for part 3. View transaction list Journal entry worksheet 2 3 4 Record the increase of the petty cash fund. Note Enter debits before credits Date General Journal Debit Credit Jan 0B Record entry CG entry View general journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions