Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 6-5 Petty cash fund with a shortage LO P2 Waupaca Company establishes a $460 petty cash fund on September 9. On September 30, the

image text in transcribed
Exercise 6-5 Petty cash fund with a shortage LO P2 Waupaca Company establishes a $460 petty cash fund on September 9. On September 30, the fund shows $184 in cash along with receipts for the following expenditures: transportation-in, $46: postage expenses, $80; and miscellianeous expenses, $146. 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 () the September 9 entry to estabilish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to View transaction list Journal entry worksheet Prepare the journal entry to establish the Petty Cash fund Note: Enter delits before credits Sept 0 Record entry lear 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

GMP Audit Trainer Good Manufacturing Practices Made Easy

Authors: Mr Brendan Cooper

1st Edition

1548711934, 978-1548711931

More Books

Students also viewed these Accounting questions