(Solved): answer debit and credit part oplease! ces Palmona Company establishes a $280 petty cash fund on Janu ...

ces Palmona Company establishes a $280 petty cash fund on January 1. On January 8, the fund shows $179 in cash along with receipts for the following expenditures: postage, $43; transportation-in, $12; delivery expenses, $14; and miscellaneous expenses, $32. Palmona uses the perpetual system in accounting for merchandise inventory. 1. Prepare the entry to establish the fund on January 1, 2. Prepare the entry to reimburse the fund on January 8 under two separate situations: a. To reimburse the fund. b. To reimburse the fund and increase it to $330. Hint: Make two entries. View transaction list Journal entry worksheet Record the journal entry to establish the petty cash fund. Note: Enter debits before credits. Date General Journal January 01 Petty cash Cash Dessed ante Debit Credit Palmona Company establishes a $280 petty cash fund on January 1. On January 8, the fund shows $179 in cash along with receipts for the following expenditures: postage, $43; transportation-in, $12; delivery expenses, $14; and miscellaneous expenses, $32. Palmona uses the perpetual system in accounting for merchandise inventory. 1. Prepare the entry to establish the fund on January 1, 2. Prepare the entry to reimburse the fund on January 8 under two separate situations: a. To reimburse the fund. b. To reimburse the fund and increase it to $330. Hint: Make two entries. View transaction list Journal entry worksheet 2 Record the reimbursement of the petty cash fund. Note: Enter debits before credits. Date General Journal January 08 Postage expense Merchandise inventory Delivery expense Miscellaneous expenses Cash Debit. Credit ces Palmona Company establishes a $280 petty cash fund on January 1. On January 8, the fund shows $179 in cash along with receipts for the following expenditures: postage, $43; transportation-in, $12; delivery expenses, $14; and miscellaneous expenses, $32. Palmona uses the perpetual system in accounting for merchandise inventory. 1. Prepare the entry to establish the fund on January 1. 2. Prepare the entry to reimburse the fund on January 8 under two separate situations: a. To reimburse the fund. b. To reimburse the fund and increase it to $330. Hint. Make two entries. View transaction list Journal entry worksheet < 2 3 Record the reimbursement of the petty cash fund. Note: Enter debits before credits. Date General Journal January 08 Postage expense Merchandise inventory Delivery expense Miscellaneous expenses Cash Debit Credit ces Palmona Company establishes a $280 petty cash fund on January 1. On January 8, the fund shows $179 in cash along with receipts for the following expenditures: postage, $43; transportation-in, $12; delivery expenses, $14; and miscellaneous expenses, $32. Palmona uses the perpetual system in accounting for merchandise inventory. 1. Prepare the entry to establish the fund on January 1. 2. Prepare the entry to reimburse the fund on January 8 under two separate situations: a. To reimburse the fund. b. To reimburse the fund and increase it to $330. Hint. Make two entries. View transaction list Journal entry worksheet 2 3 4 Record the increase of the petty cash fund. Note: Enter debits before credits. Date: General Journal Debit January 08 Petty cash Cash M Credit