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EcoMart establishes a $1,650 petty cash fund on May 2. On May 30, the fund...

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Accounting

EcoMart establishes a $1,650 petty cash fund on May 2. On May 30, the fund shows $650 in cash along with receipts for the following expenditures: transportation-in, $144; postage expenses, $501; and miscellaneous expenses, $360. The petty cashier could not account for a $5 overage in the fund. The company uses the perpetual system in accounting for merchandise inventory

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