Palmona Company establishes a $210 petty cash fund on January 1. On January 8, the fund...
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Palmona Company establishes a $210 petty cash fund on January 1. On January 8, the fund shows $99 in cash along with receipts for the following expenditures: postage, $48; transportation-in, $12; delivery expenses, $14; and miscellaneous expenses, $37. Palmona uses the perpetual system in accounting for merchandise inventory. 1. Prepare the entry to establish the fund on January 1. 2. Prepare the entry to relmburse the fund on January 8 under two separate situations: a. To reimburse the fund. b. To reimburse the fund and Increase it to $260. Hint. Make two entries. Palmona Company establishes a $210 petty cash fund on January 1. On January 8, the fund shows $99 in cash along with receipts for the following expenditures: postage, $48; transportation-in, $12; delivery expenses, $14; and miscellaneous expenses, $37. Palmona uses the perpetual system in accounting for merchandise inventory. 1. Prepare the entry to establish the fund on January 1. 2. Prepare the entry to relmburse the fund on January 8 under two separate situations: a. To reimburse the fund. b. To reimburse the fund and Increase it to $260. Hint. Make two entries.
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Journal entries for Petty cash 1 Debit Credit Petty Cash 210 Cash 210 To establish petty cas... View the full answer
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
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