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

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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

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