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EcoMart establishes a $1,650 petty cash fund on May 2. On May 30. the fund shows $650 in cash along with receipts for the following

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EcoMart establishes a $1,650 petty cash fund on May 2. On May 30. the fund shows $650 in cash along with receipts for the following expenditures; transportation-In, \$144, postage expenses, 5501 ; and miscellaneous expenses. $360. The petty cashier could not account for a $5 overage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare the (t) May 2 entry to estabilsh the fund. (2) May 30 entry to reimburse the fund [Hint Credit Cash Over and Short for $5 and credit Cash for $1,000) and (3) June 1entry to increase the fund to $1,920. Journal entry worksheet Record the May 2 entry to establish the fumt. Note: rinter detsts bedoes oreai

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