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ces EcoMart establishes a $1,800 petty cash fund on May 2. On May 30, the fund shows $734 in cash along with receipts for the following expenditures: lawn service expense, $150; postage expense, $534; and repairs expense, $390. The petty cashier could not account for a $8 overage In the fund. The company uses the perpetual system in accounting for merchandise Inventory. Prepare the (1) May 2 entry to establish the fund, (2) May 30 entry to reimburse the fund [Hint. Credit Cash Over and Short for $8 and credit Cash for $1,066], and (3) June 1 entry to Increase the fund to $2,100. View transaction list Journal entry worksheet 1 2 3 Record the May 2 entry to establish the fund. Note: Enter debits before credits. Date May 02 General Journal Debit Credit + Record entry Clear entry View general journal >

ces EcoMart establishes a $1,800 petty cash fund on May 2. On May 30, the fund shows $734 in cash along with receipts for the following expenditures: lawn service expense, $150; postage expense, $534; and repairs expense, $390. The petty cashier could not account for a $8 overage In the fund. The company uses the perpetual system in accounting for merchandise Inventory. Prepare the (1) May 2 entry to establish the fund, (2) May 30 entry to reimburse the fund [Hint. Credit Cash Over and Short for $8 and credit Cash for $1,066], and (3) June 1 entry to Increase the fund to $2,100. View transaction list Journal entry worksheet 1 2 3 Record the May 2 entry to establish the fund. Note: Enter debits before credits. Date May 02 General Journal Debit Credit + Record entry Clear entry View general journal >

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ces EcoMart establishes a $1,800 petty cash fund on May 2. On May 30, the fund shows $734 in cash along with receipts for the following expenditures: lawn service expense, $150; postage expense, $534; and repairs expense, $390. The petty cashier could not account for a $8 overage In the fund. The company uses the perpetual system in accounting for merchandise Inventory. Prepare the (1) May 2 entry to establish the fund, (2) May 30 entry to reimburse the fund [Hint. Credit Cash Over and Short for $8 and credit Cash for $1,066], and (3) June 1 entry to Increase the fund to $2,100. View transaction list Journal entry worksheet 1 2 3 Record the May 2 entry to establish the fund. Note: Enter debits before credits. Date May 02 General Journal Debit Credit + Record entry Clear entry View general journal >
Transcribed Image Text:ces EcoMart establishes a $1,800 petty cash fund on May 2. On May 30, the fund shows $734 in cash along with receipts for the following expenditures: lawn service expense, $150; postage expense, $534; and repairs expense, $390. The petty cashier could not account for a $8 overage In the fund. The company uses the perpetual system in accounting for merchandise Inventory. Prepare the (1) May 2 entry to establish the fund, (2) May 30 entry to reimburse the fund [Hint. Credit Cash Over and Short for $8 and credit Cash for $1,066], and (3) June 1 entry to Increase the fund to $2,100. View transaction list Journal entry worksheet 1 2 3 Record the May 2 entry to establish the fund. Note: Enter debits before credits. Date May 02 General Journal Debit Credit + Record entry Clear entry View general journal >
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