Waupaca Company establishes a $480 petty cash fund on September 9. On September 30, the fund shows $223 in cash along with receipts for the following expenditures: transportation-in, $58; postage expenses, $58; and miscellaneous expenses, $133. The petty cashier could not account for a $8 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 $560. View transaction list Journal entry worksheet 1 2 3 Prepare the journal entry to establish the petty cash fund. Date September 09 Note: Enter debits before credits. General Journal Debit Credit
Waupaca Company establishes a $480 petty cash fund on September 9. On September 30, the fund shows $223 in cash along with receipts for the following expenditures: transportation-in, $58; postage expenses, $58; and miscellaneous expenses, $133. The petty cashier could not account for a $8 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 $560. View transaction list Journal entry worksheet 1 2 3 Prepare the journal entry to establish the petty cash fund. Date September 09 Note: Enter debits before credits. General Journal Debit Credit
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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Question
![Waupaca Company establishes a $480 petty cash fund on September 9. On September 30, the fund shows $223 in cash along with
receipts for the following expenditures: transportation-in, $58; postage expenses, $58; and miscellaneous expenses, $133. The petty
cashier could not account for a $8 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 $560.
View transaction list
Journal entry worksheet
1
2
3
Prepare the journal entry to establish the petty cash fund.
Date
September 09
Note: Enter debits before credits.
General Journal
Debit
Credit
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9de62490-29a1-4126-ad53-0c4c5fc3af72%2F4635457e-8096-4d02-8f51-18cb5e1b35a0%2Fedr98na_processed.png&w=3840&q=75)
Transcribed Image Text:Waupaca Company establishes a $480 petty cash fund on September 9. On September 30, the fund shows $223 in cash along with
receipts for the following expenditures: transportation-in, $58; postage expenses, $58; and miscellaneous expenses, $133. The petty
cashier could not account for a $8 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 $560.
View transaction list
Journal entry worksheet
1
2
3
Prepare the journal entry to establish the petty cash fund.
Date
September 09
Note: Enter debits before credits.
General Journal
Debit
Credit
>
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