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EcoMart 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 $5 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 $5 and credit Cash for $724), and (3) June 1 entry to increase the fund to $1,200. View transaction list Journal entry worksheet Record the May 2 entry to establish the fund. Note: Enter debits before credits Date General Journal Debit Credit May 02 Record entry Clear entry View general Journal EcoMart 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 $5 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 $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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