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EcoMart establishes a $1,850 petty cash fund on May 2. On May 30, the fund shows $762 in cash along with receipts for the following
EcoMart establishes a $1,850 petty cash fund on May 2. On May 30, the fund shows $762 in cash along with receipts for the following expenditures: transportation-in, $152; postage expenses, $545; and miscellaneous expenses. $400. 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 $1,088], and (3) June 1 entry to increase the fund to $2,160. View transaction list Journal entry worksheet 1 2 3 > Record the May 2 entry to establish the fund. Note: Enter debits before credits. Debit Credit Date General Joumal May 02 View general journal Record entry Clear entry EcoMart establishes a $1,850 petty cash fund on May 2. On May 30, the fund shows $762 in cash along with receipts for the following expenditures: transportation-in, $152; postage expenses, $545; and miscellaneous expenses, $400. 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 $1,088], and (3) June 1 entry to increase the fund to $2,160. View transaction list Journal entry worksheet > 1 2 3 Record the May 30 entry to reimburse the fund. Note: Enter debits before credits. Debit Credit Date General Joumal May 30 View general joumal Clear entry Record entry EcoMart establishes a $1,850 petty cash fund on May 2. On May 30, the fund shows $762 in cash along with receipts for the following expenditures: transportation-in, $152; postage expenses, $545; and miscellaneous expenses, $400. The petty cashier could not account for a $9 overage in the fund. The company uses the perpetual system in accounting for merchandise inventory a 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 $1,088], and (3) June 1 entry to increase the fund to $2,160. View transaction list Journal entry worksheet
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