Question
Waupaca Company establishes a $470 petty cash fund on September 9. On September 30, the fund...
Waupaca Company establishes a $470 petty cash fund on September 9. On September 30, the fund shows $194 in cash along with receipts for the following expenditures: transportation-in, $58; postage expenses, $56; and miscellaneous expenses, $148. The petty cashier could not account for a $14 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 $535.
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GENERAL JOURNAL
Date
Account Titles and Explanation
PR
Debit
Credit
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