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ces Palmona Company establishes a 270 petty cash fund on January 1 On January 8...

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ces Palmona Company establishes a 270 petty cash fund on January 1 On January 8 the fund shows 165 in cash along with receipts for the following expenditures postage 44 transportation in 13 delivery expenses 15 and miscellaneous expenses 33 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 reimburse the fund on January 8 under two separate situations a To reimburse the fund b To reimburse the fund and increase it to 320 Hint Make two entries View transaction list Journal entry worksheet 1 2 3 4 Record the journal entry to establish the petty cash fund Motor Enter debits before credits

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