subject
Business, 26.03.2020 20:06 Seaisnowblue

Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $97 in cash along with receipts for the following expenditures: postage, $44; transportation-in, $12; delivery expenses, $14; and miscellaneous expenses, $33. Palmona uses the perpetual system in accounting for merchandise inventory.
Required:
1. 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 $250 on January 8, assuming no entry in part 2. Hint: Make two separate entries for part 3.

ansver
Answers: 3

Another question on Business

question
Business, 21.06.2019 13:00
Druganaut company buys a $21,000 van on credit. the transaction will affect the
Answers: 3
question
Business, 22.06.2019 01:40
Kis the insured and p is the sole beneficiary on a life insurance policy. both are involved in a fatal accident where k dies before p. under the common disaster provision, which of these statements is true?
Answers: 1
question
Business, 22.06.2019 10:00
You are president of a large corporation. at a typical monthly meeting, each of your vice presidents gives standard area reports. in the past, these reports have been good, and the vps seem satisfied about their work. based on situational approach to leadership, which leadership style should you exhibit at the next meeting?
Answers: 2
question
Business, 22.06.2019 14:00
The following costs were incurred in may: direct materials $ 44,800 direct labor $ 29,000 manufacturing overhead $ 29,300 selling expenses $ 26,800 administrative expenses $ 37,100 conversion costs during the month totaled:
Answers: 2
You know the right answer?
Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $97 in cas...
Questions
question
Mathematics, 18.12.2020 21:40
question
Mathematics, 18.12.2020 21:40
question
Mathematics, 18.12.2020 21:40
Questions on the website: 13722367