Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Woupaca Company establishes a $340 petty cash fund on September 9. On September 30, the fund shows $113 in cash along with receipts for the

image text in transcribed
image text in transcribed
image text in transcribed
Woupaca Company establishes a $340 petty cash fund on September 9. On September 30, the fund shows $113 in cash along with receipts for the following expenditures: transportation-in, $46; postage expenses. $58, and miscellaneous expenses, $116. The petty cashier could not account for a $7 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 $400. View transaction list Journal entry worksheet 1 2 3 Prepare the journal entry to establish the petty cash fund. Note: Enter debits before credits General Journal Debit Credit Date September 09 Record entry Clear entry View general journal Waupaca Company establishes a $340 petty cash fund on September 9. On September 30, the fund shows $113 in cash along with receipts for the following expenditures: transportation-in. $46;postage expenses, 558; and miscellaneous expenses, $116. The petty cashier could not account for a $7 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 $400. View transaction list Journal entry worksheet 1 2 3 Record the reimbursement of the petty cash fund. Note: Enter debits before credits General Journal Debit Credit Date September 30 CH Waupaca Company establishes a $340 petty cash fund on September 9. on September 30, the fund shows $13 in cash along with receipts for the following expenditures: transportation-in. $46; postage expenses, $58; and miscellaneous expenses. $116. The petty cashier could not account for a $7 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory Prepare() 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 $400. View transaction list Journal entry worksheet 2 3 > Record the increase of the petty cash fund. Note: Enter debits before credits General Journal Debit Credit Date October 01 Record entry Clear 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_2

Step: 3

blur-text-image_3

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

Bookkeeping And Accounting

Authors: Greg Shields

1st Edition

1983673536, 978-1983673535

More Books

Students also viewed these Accounting questions