Waupaca Company establishes a $480 petty cash fund on September 9. On September 30, the fund shows $240 in cash along with receipts for the following expenditures: transportation-in, $42; postage expenses, $70; and miscellaneous expenses, $117. The petty cashier could not account for a $11 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 $545. View transaction list Journal entry worksheet 1 2 3 Prepare the journal entry to establish the petty cash fund. Note: Enter debits before credits. Date General Journal Debit Cr September 09

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 1PB: On June 1 French company has decided to initiate a petty cash fund in the amount of $800. Prepare...
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Waupaca Company establishes a $480 petty cash fund on
September 9. On September 30, the fund shows $240 in
cash along with receipts for the following expenditures:
transportation-in, $42; postage expenses, $70; and
miscellaneous expenses, $117. The petty cashier could not
account for a $11 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 $545.
View transaction list
Journal entry worksheet
1
2
Prepare the journal entry to establish the petty cash fund.
Note: Enter debits before credits.
Date
General Journal
Debit
Cre
September 09
Record entry
Clear entry
View genera
Transcribed Image Text:Waupaca Company establishes a $480 petty cash fund on September 9. On September 30, the fund shows $240 in cash along with receipts for the following expenditures: transportation-in, $42; postage expenses, $70; and miscellaneous expenses, $117. The petty cashier could not account for a $11 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 $545. View transaction list Journal entry worksheet 1 2 Prepare the journal entry to establish the petty cash fund. Note: Enter debits before credits. Date General Journal Debit Cre September 09 Record entry Clear entry View genera
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