A company establishes a $490 petty cash fund on October 1 . On October 31...
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Accounting
A company establishes a $490 petty cash fund on October 1 . On October 31 , the fund shows $256 in cash along with receipts for the following expenditures: Entertainment expenses, $48; postage expenses, $59; and miscellaneous expenses, $123. The petty cashier could not account for a $4 shortage in the fund. The company uses the perpetual inventory system Prepare (1) the October 1 entry to establish the fund, (2) the October 31 entry to reimburse the fund, and (3) the November 1 entry to increase the fund to $560
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