Exercise 8-8 (Algo) Petty cash fund with a shortage LO P2 Waupaca Company establishes a $330 petty cash fund on September 9. On September 30, the fund shows $71 in cash along with receipts for the following expenditures: transportation- in, $43; postage expenses, $74; and miscellaneous expenses, $138. The petty cashier could not account for a $4 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 $395.

Exercise 8-8 (Algo) Petty cash fund with a shortage LO P2 Waupaca Company establishes a $330 petty cash fund on September 9. On September 30, the fund shows $71 in cash along with receipts for the following expenditures: transportation- in, $43; postage expenses, $74; and miscellaneous expenses, $138. The petty cashier could not account for a $4 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 $395.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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