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EcoMart establishes a $2,000 petty cash fund on Moy 2 On May 30 , the fund shows $840 in cash olong with receipts for the
EcoMart establishes a $2,000 petty cash fund on Moy 2 On May 30 , the fund shows $840 in cash olong with receipts for the following expenditures transportation-in. \$158; postage expenses, \$578, and miscellaneous expenses, $430 The petty cashier could not occount for a $6 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 $ hort for $6 and credit Cash for $1,160 ), and (3) June 1 entry to increase the fund to $2,340
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