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Prepare the entry to establish the petty cash fund

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Question - Petty cash fund with a shortage Hawk Company establishes a $320 petty cash fund on September 9. On September 30, the fund shows$34 in cash along with receipts for the following expenditures: transportation-in, $57; postage expenses, $71; and miscellaneous expenses, $152. The petty cashier could not account for a $6 shortage in the fund. Hawk uses the perpetual system in accounting for merchandise inventory. Prepare the entry to establish the petty cash fund and the entries to replenish the fund.

Reference no: EM132937725

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