Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Three separate journal entry's Palmona Co. establishes a $160 petty cash fund on January 1. On January 8, the fund shows $63 in cash along

Three separate journal entry's image text in transcribed
image text in transcribed
image text in transcribed
Palmona Co. establishes a $160 petty cash fund on January 1. On January 8, the fund shows $63 in cash along with receipts for the following expenditures: postage, $41; transportation-in, $12; delivery expenses $14; and miscellaneous expenses, $30. Palmona uses the perpetual system in accounting for merchandise inventory Prepare journal entry to establish the fund on January 1, reimburse it on January 8, and reimburse the fund and increase it to $210 on January 8, assuming no entry in part 2. (Hint: Make two separate entries for part view transaction list view general journal Journal Entry Worksheet 033 Prepare the journal entry to establish the Petty Cash fund. Debit Credit General Journal Jan. 1 *Enter debits before credits clear entry record entry 0 F2 F3 ood a Fs

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

Essentials Of Xbrl Financial Reporting In The 21st Century

Authors: Bryan Bergeron

1st Edition

0471220779, 978-0471220770

More Books

Students also viewed these Accounting questions

Question

Explain the chemical properties of acids with examples.

Answered: 1 week ago

Question

Write the properties of Group theory.

Answered: 1 week ago