![]() Palmona uses the perpetual system in accounting for merchandise inventory.Ĭonnect Principles of Financial Accounting Exam 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. establishes a $250 petty cash fund on January 1. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $415. The company uses the perpetual system in accounting for merchandise inventory. ![]() The petty cashier could not account for a $5 shortage in the fund. On September 30, the fund shows $121 in cash along with receipts for the following expenditures: transportation costs of merchandise purchased, $58 postage expenses, $53 and miscellaneous expenses, $143. ![]() Waupaca Company establishes a $380 petty cash fund on September 9.
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