Palmona Co. establishes a $200 petty cash fund on January

Palmona Co. establishes a $200 petty cash fund on January 8 the fund shows $38 in cash along with receipts for the following expenditures: postage$74; transportation-in $29; delivery expenses$16; and miscellaneous expenses $43. Palmona uses the perpetual system in accounting for merchandise inventory. 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 $450 on January 8 assuming no entry in Part 2. ( Hint: Make two separate entries for part 3.)

Expert Help With This Assignment — On Your Terms