Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Check my work Waupaca Company establishes a $410 petty cash fund on September 9. On September 30, the fund shows $163 in cash along with

image text in transcribed
Check my work Waupaca Company establishes a $410 petty cash fund on September 9. On September 30, the fund shows $163 in cash along with receipts for the following expenditures: transportation-in. $58, postage expenses. $58; and miscellaneous expenses $128. 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, and (3) an October 1 entry to increase the fund to $485. View transaction list Journal entry worksheet 2 3 Record the reimbursement of the petty cash fund. Note: Enter debits before credits. Date Debit Credit Sept 30 General Journal Merchandise inventory Postage exponse Miscellaneous expenses Cash over and short Cash Record entry Clear entry View general Journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Frank Woods Business Accounting Volume 1

Authors: Frank Wood, Alan Sangster

11th Edition

0273712128, 978-0273712121

More Books

Students also viewed these Accounting questions