Solution-Both reimburse the fund and increase

Both reimburse the fund and increase

Reference no: EM13900770

Palmona Co. establishes a $ 200 petty cash fund on January 1. On January 8, the fund shows $ 38 in cash along with receipts for the following expenditures: postage, $ 74; transportation in, $ 29; delivery expenses, $ 16; and miscellaneous expenses, $ 43. 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,
(3) Both reimburse the fund and increase it to $ 450 on January 8, assuming no entry in part 2.

Reference no: EM13900770

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Both reimburse the fund and increase

Reference no: EM13900770

Reference no: EM13900770

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