Waupaca Company establishes a $410 petty cash fund on September 9. On September 30, the fund shows $168 in cash along with receipts for the following expenditures: transportation-in, $43; postage expenses, $76; and miscellaneous expenses, $113. The petty cashier could not account for a $10 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 $485.

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Waupaca Company establishes a $410 petty cash fund on September 9. On September 30, the fund shows $168 in cash along with
receipts for the following expenditures: transportation-in, $43; postage expenses, $76; and miscellaneous expenses, $113. The petty
cashier could not account for a $10 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 $485.
Transcribed Image Text:Waupaca Company establishes a $410 petty cash fund on September 9. On September 30, the fund shows $168 in cash along with receipts for the following expenditures: transportation-in, $43; postage expenses, $76; and miscellaneous expenses, $113. The petty cashier could not account for a $10 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 $485.
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