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.
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.
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 1PA: On September 1, French company has decided to initiate a petty cash fund in the amount of $800....
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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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe55123cb-2956-423d-98b7-a30f49a91cde%2F7dd433d9-5d5e-447d-9223-62c48d4b59f4%2Ffusapmm_processed.jpeg&w=3840&q=75)
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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