Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Exercise 6-8 (Algo) Petty cash fund with a shortage LO P2 Waupaca Company establishes a $380 petty cash fund on September 9.On September 30, the
Exercise 6-8 (Algo) Petty cash fund with a shortage LO P2 Waupaca Company establishes a $380 petty cash fund on September 9.On September 30, the fund shows $100 in cash along with receipts for the following expenditures: transportation-in. $57. postage expenses. $78. and miscellaneous expenses. $137. The petty cashier could not account for a $8 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 $460 View transaction list Journal entry worksheet 1 2 3 Prepare the journal entry to establish the petty cash fund. Esberec Date September General Journal Debit Credit Mecord entry Cast al View general al Exercise 6-8 (Algo) Petty cash fund with a shortage LO P2 Waupaca Company establishes a $380 petty cash fund on September 9. On September 30, the fund shows $100 in cash along with receipts for the following expenditures transportation-in. $57. postage expenses. 578: and miscellaneous expenses. $137. The petty cashier could not account for a $8 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 $460. View transaction list Journal entry worksheet
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started