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Pepsi [2]
3 years ago
5

Paloma Company establishes a $200 petty cash fund on Jan 1. On January 8, the fund shows $107 in cash along with receipts for th

e following expenditures: postage, $39; transportation-in, $12; delivery expenses, $14; and miscellaneous expenses, $28. 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 $350 on January 8, assuming no entry in part 2. Hint: Make two separate entries for part 3.
Business
1 answer:
Tanya [424]3 years ago
6 0

Answer:

(1) establish the fund on January 1,

  • Dr Petty cash fund 200
  •     Cr Cash 200

(2) reimburse it on January 8

  • Dr Postage expenses 39
  • Dr Transportation expenses 12
  • Dr Delivery expenses 14
  • Dr Miscellaneous expenses 28
  •     Cr Cash 93

(3) both reimburse the fund and increase it to $350 on January 8, assuming no entry in part 2.

  • Dr Petty cash fund 150
  • Dr Postage expenses 39
  • Dr Transportation expenses 12
  • Dr Delivery expenses 14
  • Dr Miscellaneous expenses 28
  •     Cr Cash 243

The only difference between part 2 and 3 is that the Petty cash fund is increased by $150, and cash decreases by $243 instead of $93.

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3 years ago
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