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Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows $76 in cash along with receipts for the following expenditures: transportation-in, $56; postage expenses, $58; and miscellaneous expenses, $146. The petty cashier could not account for a $14 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 $405. View transaction list Journal entry worksheet < 1 2 3

Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows $76 in cash along with receipts for the following expenditures: transportation-in, $56; postage expenses, $58; and miscellaneous expenses, $146. The petty cashier could not account for a $14 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 $405. View transaction list Journal entry worksheet < 1 2 3

FINANCIAL ACCOUNTING
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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Complete journal entry 1,2, & 3 please and thank you!

### Managing Petty Cash Fund for Waupaca Company **Overview:** Waupaca Company establishes a $350 petty cash fund on September 9. By September 30, the fund has $76 in cash along with receipts for various expenditures: - Transportation-in: $56 - Postage expenses: $58 - Miscellaneous expenses: $146 There is, however, a $14 shortage in the fund. The company uses the perpetual system for inventory accounting. **Objectives:** 1. Prepare the journal entry to establish the fund on September 9. 2. Prepare the journal entry to reimburse the fund on September 30. 3. Prepare the journal entry to increase the fund to $405 on October 1. **Instructions:** Follow the notes provided to ensure debits are recorded before credits. **Journal Entry Worksheet:** - A section titled "Journal entry worksheet" is presented. - There is an input area for preparing the journal entry to establish the petty cash fund. - A table format with columns labeled: - **Date** - **General Journal** - **Debit** - **Credit** **Notes:** - Ensure debits are recorded before credits in the journal entries. Below the table, there are buttons labeled: - **Record entry** - **Clear entry** - **View general journal** This framework helps organize and track petty cash exchanges effectively.
Transcribed Image Text:### Managing Petty Cash Fund for Waupaca Company **Overview:** Waupaca Company establishes a $350 petty cash fund on September 9. By September 30, the fund has $76 in cash along with receipts for various expenditures: - Transportation-in: $56 - Postage expenses: $58 - Miscellaneous expenses: $146 There is, however, a $14 shortage in the fund. The company uses the perpetual system for inventory accounting. **Objectives:** 1. Prepare the journal entry to establish the fund on September 9. 2. Prepare the journal entry to reimburse the fund on September 30. 3. Prepare the journal entry to increase the fund to $405 on October 1. **Instructions:** Follow the notes provided to ensure debits are recorded before credits. **Journal Entry Worksheet:** - A section titled "Journal entry worksheet" is presented. - There is an input area for preparing the journal entry to establish the petty cash fund. - A table format with columns labeled: - **Date** - **General Journal** - **Debit** - **Credit** **Notes:** - Ensure debits are recorded before credits in the journal entries. Below the table, there are buttons labeled: - **Record entry** - **Clear entry** - **View general journal** This framework helps organize and track petty cash exchanges effectively.
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