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Waupaca Company establishes a $340 petty cash fund on September 9. On September 30, the fund shows $72 in cash along with receipts for
Waupaca Company establishes a $340 petty cash fund on September 9. On September 30, the fund shows $72 in cash along with receipts for the following expenditures: transportation-in, $55; postage expenses, $79; and miscellaneous expenses, $130. 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 $420. View transaction list Journal entry worksheet < 1 2 3 Prepare the journal entry to establish the petty cash fund.. Note: Enter debits before credits. Date September 09 General Journal Debit Credit
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