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Waupaca Company establishes a $420 petty cash fund on September 9. on September 30, the fund shows $170 in cash along with receipts for the
Waupaca Company establishes a $420 petty cash fund on September 9. on September 30, the fund shows $170 in cash along with receipts for the following expenditures: transportation-in, $55. postage expenses, $55: and miscellaneous expenses. $135. The petty cashier could not account for a $5 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) on October 1 entry to Increase the fund to $495. View transaction list Journal entry worksheet 2 1 > Prepare the Journal entry to establish the petty cash fund. Note: Enter debits before credits General Journal Debit Credit Date Sept 09
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