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Palmona Company establishes a $210 petty cash fund on January 1. On January 8, the...

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Accounting

Palmona Company establishes a $210 petty cash fund on January 1. On January 8, the fund shows $103 in cash along with receipts for the following expenditures: postage, $48; transportation-in, $10; delivery expenses, $12; and miscellaneous expenses, $37. 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 $260. Hint: Make two entries.

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