Palmona Co. establishes a $250 petty cash fund on January 1. On January 8, the fund shows $145 in cash along with receipts for the following expenditures: postage, $43; transportation-in, $14; delivery expenses, $16; and miscellaneous expenses, $32. 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.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Palmona Co. establishes a $250 petty cash fund on January 1. On January 8, the fund shows $145 in cash along with receipts for the ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Bargain Surplus made cash sales during the month of October of $375,000. The sales are subject to a 6% sales tax that was also collected.
Answers (1)
What is a credit card?
Answers (2)
What are the two views on why asset prices fluctuate so much that they lead to financial crises and bank failures?
Answers (1)
Before a three-for-one stock split, the shares outstanding were 5,000 shares at $12 par. After the split, what was the par and number of shares? A. 5,000 shares at $48 per share B. 15,000 shares at $12 per share C. 20,000 shares at $6 per share D.
Answers (1)
Preferred stock generally has: a. Fixed dividends, voting rights, and participation. b. Variable dividends, no voting rights, and no participation. c. Fixed dividends, no voting rights, and no participation. d.
Answers (1)
New Questions in Business
Pita Pal sells fast-food franchises. Pita Pal receives $83,000 from a new franchisee for providing initial training, equipment, and furnishings that together have a stand-alone selling price of $83,000.
Answers (1)
If a client chooses to pay premiums other than annually, what can he or she expect?
Answers (1)
Antone Company sells office equipment on July 31, 2017, for $21,000 cash. The office equipment originally cost $72,000 and as of January 1, 2017, had accumulated depreciation of $42,000. Depreciation for the first 7 months of 2017 is $4,600.
Answers (1)
An entrepreneur who plans to open a cuban restaurant in nashville has a 20 percent chance of success. which kind of probability is it
Answers (1)
Which of the following steps in a measuring system involves implementing an effective recognition system?
Answers (1)