keiser mlisReg-tru er 8-ACG10016 Help Save & Exit Subm Check my work Palmona Co.

Question

keiser mlisReg-tru er 8-ACG10016 Help Save & Exit Subm Check my work Palmona Co. establishes a S190 petty cash fund on January 1, On January 8·the fund shows $75 in cash along with receipts for the following expenditures: postage, $49, transportation-in, $13; delivery expenses, $15, and miscellaneous expenses, $38. Palmona uses the perpetual system in accounting for merchandise inventory Prepare journal entries to ( establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $240 on January 8, assuming no entry in part 2 (Hint: Make two separate entries for part 3) Journal entry worksheet Jan 01 K Prey 11 of 15Next

Explanation / Answer

Date Accounts Title and explanations Debit $ Credit $ Req : 1 1-Jan Petty Cash Account Dr. 190     Cash Account 190 (for estbalishing the petty fund) Req :2 8-Jan Postage Expense AccountDr. 49 Merchandise Inventory Account Dr. 13 Delivery expense Accoutn Dr. 15 Misc. Expense Account 38       Cash Account 115 (for reimbursement of expense) Req: 3 8-Jan Postage Expense AccountDr. 49 Merchandise Inventory Account Dr. 13 Delivery expense Accoutn Dr. 15 Misc. Expense Account 38       Cash Account 115 (for reimbursement of expense) 8-Jan Petty Cash Account Dr. 50      Cash Account 50 ( for increase the fund balance)

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