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 $390 petty cash fund on September 9. on September 30,
Exercise 6-8 (Algo) Petty cash fund with a shortage LO P2 Waupaca Company establishes a $390 petty cash fund on September 9. on September 30, the fund shows $127 in cash along with receipts for the following expenditures, transportation in, $48, postage expenses, $64, and miscellaneous expenses, $138. The petty cashier could not account for a $13 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 $430 ook Hire Tint rences View transaction list llo Journal entry worksheet Record the reimbursement of the petty cash fund. Note ar dabits before credits Dato General Joumal September 30 Transportation in Debit Credit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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