FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Waupaca Company establishes a $300 petty cash fund on September 9. On September 30, the fund shows $36 in cash along with
receipts for the following expenditures: transportation-in, $57; postage expenses, $77; and miscellaneous expenses, $117. The petty
cashier could not account for a $13 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 $355.
View transaction list
Journal entry worksheet
1
2 3
Prepare the journal entry to establish the petty cash fund.
Note: Enter debits before credits.
Date
Sept 09
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
>
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Transcribed Image Text:Waupaca Company establishes a $300 petty cash fund on September 9. On September 30, the fund shows $36 in cash along with receipts for the following expenditures: transportation-in, $57; postage expenses, $77; and miscellaneous expenses, $117. The petty cashier could not account for a $13 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 $355. View transaction list Journal entry worksheet 1 2 3 Prepare the journal entry to establish the petty cash fund. Note: Enter debits before credits. Date Sept 09 Record entry General Journal Clear entry Debit Credit View general journal >
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