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

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On September 1, French company has decided to initiate a petty cash fund in the amount of $850. A. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $120, Postage Expense $260, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $111. B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $19, Supplies $170, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $230. C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $90, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $251. The cash on hand at this time was $20. D. On September 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On September 30, the petty…