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 3 Record the June 1 entry to increase the fund to $1,800. Note: Enter debits before credits. Date General Journal Debit Credit June 01

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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 2
3
Record the June 1 entry to increase the fund to $1,800.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
June 01
Record entry
Clear entry
View general journal
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Transcribed Image Text: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 2 3 Record the June 1 entry to increase the fund to $1,800. Note: Enter debits before credits. Date General Journal Debit Credit June 01 Record entry Clear entry View general journal Prev 1 of 23 Next > G Search or type URL * %23 2 3 5 6 7 8. W E T Y U S D G J K C V B M .... こ 9 * 00
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