accounting 121

Exercise 8-8 Petty cash fund with a shortage LO P2 Waupaca Company establishes a $370 petty cash fund on September 9. On September 30. the fund shows $112 in cash along with receipts for the following expenditures: transportation-in, $41; postage expenses, $66; and miscellaneous expenses, $141. 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 $445 View transaction list View journal entry worksheet X No Date General Journal Debit Credit Sept 09 Petty cash 370 Cash 370 ices 2 Sept 30 Transportation-in 41 Postage expense 66 Miscellaneous expenses 141 Cash over and short 10 Cash 258 3 Oct 01 Petty cash CashExercise 8-8 Petty cash fund with a shortage LO P2 Waupaca Company establishes a $370 petty cash fund on September 9. On September 30, the fund shows $112 in cash along with receipts for the following expenditures: transportation-in, $41: postage expenses, $66; and miscellaneous expenses. $141. 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 $445 View transaction list View journal entry worksheet Debit Credit 370 370 1 Prepare the journal entry to establish the petty cash rences fund. 47 2 Record the reimbursement of the petty cash fund. 66 141 3 Record the increase of the petty cash fund. 10 258 Note : = journal entry has been entered