EcoMart establishes a $1,900 petty cash fund on May 2. On May 30, the fund shows $790 in cash along with receipts for the followingexpenditures: transportation-in, $154; postage expenses, $556; and miscellaneous expenses, $410. The petty cashier could notaccount for a $10 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 $10 andcredit Cash for $1,110], and (3) June 1 entry to increase the fund to $2,220.View transaction listJournal entry worksheet12Record the May 2 entry to establish the fund.DateMay 023Note: Enter debits before credits.Record entryGeneral JournalClear entryDebitCreditView general journal

Mart establishes a $1,900 petty cash fund on May 2. On May 30, the fund shows $790 in cash along with receipts for the following enditures: transportation-in, $154; postage expenses, $556; and miscellaneous expenses, $410. The petty cashier could not ount for a $10 overage in the fund. The company uses the perpetual system in accounting for merchandise inventory.

Mart establishes a $1,900 petty cash fund on May 2. On May 30, the fund shows $790 in cash along with receipts for the following enditures: transportation-in, $154; postage expenses, $556; and miscellaneous expenses, $410. The petty cashier could not ount for a $10 overage in the fund. The company uses the perpetual system in accounting for merchandise inventory.

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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