Ch 6 practice

Exerclse 6-5 Petty cash fund with a shortage LO P2 Waupaca Company establishes a $410 petty cash fund on September 9. On September 30, the fund shows $181 in cash along with receipts for the following expenditures: transportation-in, $46, postage expenses $73, and miscellaneous expenses, $106. The petty cashier could not account for a $4 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 $455. View transaction list Journal entry worksheet Record the journal entry to establish the Petty Cash fund. Note: Enter debits before credits Date General Journal Debit Credit Sept 9 View general journal Record entry Clear entry