Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows $123 in cash along with receipts for the following expenditures: transportation-in, $48; postage expenses, $55; and miscellaneous expenses, $118. The petty cashier could not account for a $6 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $390. View transaction list Journal entry worksheet 1 2 Prepare the journal entry to establish the petty cash fund. Date Sept 09 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal >
Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows $123 in cash along with receipts for the following expenditures: transportation-in, $48; postage expenses, $55; and miscellaneous expenses, $118. The petty cashier could not account for a $6 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $390. View transaction list Journal entry worksheet 1 2 Prepare the journal entry to establish the petty cash fund. Date Sept 09 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal >
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 2PA
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