EcoMart establishes a $1,550 petty cash fund on May 2. On May 30, the fund shows $600 in cash along with receipts for the following expenditures: transportation-in, $140; postage expenses, $479; and miscellaneous expenses, $340. The petty cashier could not account for a $9 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 $9 and credit Cash for $950), and (3) June 1 entry to increase the fund to $1,800. View transaction list Journal entry worksheet 1 <> Record the May 2 entry to establish the fund. Note: Enter debits before credits. Date General Journal Debit Credit May 02

EcoMart establishes a $1,550 petty cash fund on May 2. On May 30, the fund shows $600 in cash along with receipts for the following expenditures: transportation-in, $140; postage expenses, $479; and miscellaneous expenses, $340. The petty cashier could not account for a $9 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 $9 and credit Cash for $950), and (3) June 1 entry to increase the fund to $1,800. View transaction list Journal entry worksheet 1 <> Record the May 2 entry to establish the fund. Note: Enter debits before credits. Date General Journal Debit Credit May 02

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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