Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $99 in cash along with receipts for the following expenditures: postage, $41; transportation-in, $14; delivery expenses, $16; and miscellaneous expenses, $30. 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 $250 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 Date Jan 01 3 Prepare the journal entry to establish the petty cash fund. Note: Enter debits before credits. Record entry 4 General Journal Clear entry Debit Credit View general journal >

Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $99 in cash along with receipts for the following expenditures: postage, $41; transportation-in, $14; delivery expenses, $16; and miscellaneous expenses, $30. 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 $250 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 Date Jan 01 3 Prepare the journal entry to establish the petty cash fund. Note: Enter debits before credits. Record entry 4 General Journal Clear entry Debit Credit View general journal >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Palmona Company establishes a $180 petty cash fund on January 1. On January 8, the fund shows $85 in cash along with receipts for the following expenditures: postage, $41; transportation - in, $11; delivery expenses, $13; and miscellaneous expenses, $30. Palmona uses the perpetual system in accounting for merchandise inventory. Prepare the entry to establish the fund on January 1. Prepare the entry to reimburse the fund on January 8 under two separate situations: To reimburse the fund. To reimburse the fund and increase it to $230. Hint: Make two entries
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Short Answer. Colgate Co. establishes a $200 petty ceah fund on Jeruary 1. On Jaruary 8, the fund shows $38 in conh elong with receipts for the following expenditurea: Postage: $74 ansportation-in: $29 $16 cellaneous expenses: $43 $162 ate Co. uses the perpetual system in accounting for merchandise inventory. 7.Prepare the journal entry to establish the fund on January Prepare the journal entry to reimburse the fund on January 8. toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). IUS Paragraph Arial 14px A v it to save and submit. Click Save All Answers to save all answers. T.