Question: Exercise 8-9 Petty cash fund with an overage LO P2 Fort establishes a $1,050 petty cash fund on May 2. On May 30, the fund

Exercise 8-9 Petty cash fund with an overage LO P2 Fort

Exercise 8-9 Petty cash fund with an overage LO P2 Fort establishes a $1,050 petty cash fund on May 2. On May 30, the fund shows $326 in cash along with receipts for the following expenditures transportation in. $120. postage expenses, $369, and miscellaneous expenses, $240. The petty cashier could not account for a Soverage in the fund The company uses the perpetual system in accounting for merchandise inventory Prepare the ( May 2 entry to establish the fund, (2) May 30 entry to reimburse the fund (Hint Credit Cash Over and Short for $5 and credit Cash for $724), and (3) June 1 entry to increase the fund to $1,200. View transaction list Journal entry worksheet

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