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Waupaca Company establishes a $410 petty cash fund on September 9 On September 30 the fund shows $188 in cash along with receipts for the following expenditures transportation-in $47 postage

Waupaca Company establishes a $410 petty cash fund on September 9. On September 30, the fund shows $188 in cash along with receipts for the following expenditures: transportation-in, $47; postage expenses, $55; and miscellaneous expenses, $117. The petty cashier could not account for a $3 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory.For September 9th Record the journal entry to establish the Petty Cash fund.For September 30th Record the reimbursement of the Petty Cash Fund.For October 1st Record the increase of the Petty Cash Fund.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 $470.

Jul 14 2020 View more View Less

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