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.
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 shortag...
