Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. palmona co. establishes a $230 petty cash fund on

Palmona Co. establishes a $230 petty cash fund on January 1. On January 8, the...

50.1K

Verified Solution

Question

Accounting

image
Palmona Co. establishes a $230 petty cash fund on January 1. On January 8, the fund shows $111 in cash along with receipts for the following expenditures: postage. $49: transportation-in, $15; delivery expenses, S17, and miscellaneous expenses. $38. Palmone seTU the perpetual system in accounting for merchandise inventory 142 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 $280 on January 8, assuming no entry in part 2. (Hint Make two separate entries for part 3.) eBook Pint Journal entry worksheet Prepare the journal entry to establish the Petty Cash fund Note: Enter debits before credits Jan 01

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

On January 1, 2018, Loop Raceway issued 520 bonds, each with a face value of $1,000,...

Physics
1.2K views

of this cell is OT Q13 Derive condition for balanced wheatstone bridge condition Paragraph Q14...

Physics
1.2K views

A Fill in the blanks 1 The quantities which are unique and do not depend...

Calculus
1.2K views

1 2 c If k x g x AM 2 1 2 9 x 5...

Algebra
1.2K views

Use the rational functions below to answer the following questions f x 3x 12x x2...

Accounting
1.2K views

Under variable costing, which of the following costs would be included in finished goods inventory?...

Accounting
1.2K views

Summarize pages below in one or 1 and half page ...

Accounting
1.2K views

Question 5 (1.5 points) Name two findings of Albrecht's research using the fraud scale. A/

Accounting
1.2K views

2. Quality assurance managers play a crucial role in business by ensuring that products meet...

Accounting
1.2K views

What is the price of Thera Corpn's zero coupon bond with 10 years to maturity?...

Finance
1.2K views

FIN4180 Group assignment 2: How to manage/hedge receivable. Huntsman Corporation uses a...

Accounting
1.2K views

Please prepare a balanced score card using the information provided. You should prepare a balanced...