Waupaca Company establishes a $330 petty cash fund on September 9. On September 30, the fund shows $53 in cash along with receipts for the following expenditures: transportation-in, $51; postage expenses, $71; and miscellaneous expenses, $151. The petty cashier could not account for a $4 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.
Waupaca Company establishes a $330 petty cash fund on September 9. On September 30, the fund shows $53 in cash along with receipts for the following expenditures: transportation-in, $51; postage expenses, $71; and miscellaneous expenses, $151. The petty cashier could not account for a $4 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.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter7: Accounting For Cash
Section: Chapter Questions
Problem 10SPB
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