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problem: Gannon Company establishes a dollar 400 petty cash fund on September 9. On September 30, fund shows $166 in cash along with receipts for the following expenditures: transportation-in, $32; $113; and miscellaneous expenses, postage expenses, $87. The petty cashier could not account for a $2 shortage in the fund. Cannon uses the continuous system in accounting for merchandise inventory. Prepare [A] September 9 entry to establish the fund and [B] September30 entry to both reimburse the fund and decrease it to $300.

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  • Reference No.:- M921613

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