Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows

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Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows $104 in cash along with receipts for the following expenditures: transportation-in, $40; postage expenses, $123; and miscellaneous expenses, $80. The petty cashier could not account for a $3 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,

(3) An October 1 entry to increase the fund to $400.

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College Accounting Ch 1-14

ISBN: 9781260904314

1st Edition

Authors: John Wild, Vernon Richardson, Ken Shaw

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