You oversee the $250 petty cash for your company. When an employee needs a special item that is not in inventory, you take money from petty cash to purchase that item. One day, you are short on cash for lunch. You decide to borrow $10 each day for the next 3 days until payday for a total of $30 from petty cash. After payday, you do not have enough to repay petty cash, so you decide to record a cash short/over expense of $30. Since this is the first time you have ever done this, is this a problem? If so, what steps should be taken to fix this problem? If not, why not? What is Petty Cash and how is it represented on the balance sheet? What types of expenses are used with petty cash?