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EcoMart establishes a $1.500 petty cash fund on May 2 On May 30, the fund shows $572 in cash along with receipts for the following

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EcoMart establishes a $1.500 petty cash fund on May 2 On May 30, the fund shows $572 in cash along with receipts for the following expenditures: transportation-in. $138: postage expenses. $468: and miscellaneous expenses. $330. 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 $928), and (3) June 1 entry to increase the fund to $1.740. View transaction list Journal entry worksheet Record the May 2 entry to establish the fund. Note: Enter debits before credits. General Journal Debit Credit Date May 02 Record entry Clear entry View general journal

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