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 3 Prepare the journal entry to establish the petty cash fund. Date Sept 09 Note: Enter debits before credits. General Journal Debit Credit >
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 3 Prepare the journal entry to establish the petty cash fund. Date Sept 09 Note: Enter debits before credits. General Journal Debit Credit >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
>
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