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Gannon Company establishes a $400 petty cash fund on September 9. On September 30, the fund shows $166 in cash all along with receipts for the given expenditures: transportation-in, $32; postage expenses, $113; and miscellaneous expenses, $87. The petty cashier could not account for a $2 shortage in the fund. Gannon uses the perpetual system in accounting for merchandise inventory. Prepare:

a) The September 9 entry to establish the fund and

b) The September 30 entry to both reimburse the fund and decrease it to $300.

Accounting Basics, Accounting

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