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Prepare the entry to establish the fund on January

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Reference no: EM133081424

Question - Palmona Company establishes a $230 petty cash fund on January 1. On January 8, the fund shows $117 in cash along with receipt the following expenditures: postage, $46; transportation-in, $15; delivery expenses, $17; and miscellaneous expenses, $35. Palmo uses the perpetual system in accounting for merchandise inventory.

Required -

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 $280.

Reference no: EM133081424

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