Palmona Co. establishes a $200 petty cash fund on January 1. 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. 4.
value:
3.00 points
(1) Prepare journal entries to establish the fund on January 1.
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5.
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(2) Prepare journal entry to reimburse the petty cash fund on January 8.
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6.
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(3) Prepare journal entries to both reimburse the fund and increase it to $450 on January 8, assuming no entry in part 2.

1. Date  Account Titles and Explanation    Debit   Credit

1 Jan     Petty cash                                         $200

                      Cash                                                     $200

2. Date  Account Titles and Explanation    Debit   Credit

8 Jan    Postage Expenses                              $74

             Merchandise inventory                      $29                  

             Delivery expense                               $16

             Miscellaneous expense                     $43

                      Cash                                                       $162

3. Date  Account Titles and Explanation    Debit   Credit

8 Jan     Petty cash                                          $250

                      Cash                                                      $250

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answer/// there is an inverse relationship between price and quantity demanded;