a.

• Prepare the journal entry to establish the petty cash fund.

b.

• Record the reimbursement of the petty cash fund.

c.

• Record the increase of the petty cash fund.

Transcribed Image Text:

Waupaca Company establishes a $440 petty cash fund on September 9. On September 30, the fund shows $186 in cash along with receipts for the following expenditures: transportation-in, $57; postage expenses, $65; and miscellaneous expenses, $127. The petty cashier could not account for a $5 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 $490. 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 Sept 09 General Journal Debit Credit Record enter Clear entry View general journal > < Prev 2 of 7 Next > Waupaca Company establishes a $440 petty cash fund on September 9. On September 30, the fund shows $186 in cash along with receipts for the following expenditures: transportation-in, $57; postage expenses, $65; and miscellaneous expenses, $127. The petty cashier could not account for a $5 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 $490. 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 Sept 09 General Journal Debit Credit Record enter Clear entry View general journal > < Prev 2 of 7 Next >

Answer rating: 100% (QA)

The journal entries are given below Date General Journal Debit Credit a September 09 Pett... View the full answer