Question 9 Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows $104 in cash along withreceipts for the following expenditures: transportation-in, $40; postage expenses, $123; and miscellaneous expenses, $80. The pettycashier could not account for a $3 shortage in the fund. The company uses the perpetual system in accounting for merchandiseinventory.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 toincrease the fund to $400.View transaction listJournal entry worksheet<123>Prepare the journal entry to establish the petty cash fund.Note: Enter debits before credits.DateGeneral JournalSeptember 09Record entryClear entryDebitCreditView general journal

Solution:- Preparation of journal entry as follows under:- Journal entry is the the first stage of…

Answered: Prepare (1) the September 9 entry to…

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 $400.

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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