waupaca Company establishes a $440 petty cash fund on September 9. On September 30, the fund shows $152 in cash along wit receipts for the following expenditures: transportation-in, $58; postage expenses, $76; and miscellaneous expenses, $148. The pe cashier could not account for a $6 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 ent increase the fund to $500.
waupaca Company establishes a $440 petty cash fund on September 9. On September 30, the fund shows $152 in cash along wit receipts for the following expenditures: transportation-in, $58; postage expenses, $76; and miscellaneous expenses, $148. The pe cashier could not account for a $6 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 ent increase the fund to $500.
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 2PA: On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare...
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The entry title for transportation-in is said to be incorrect even though the problem states that transportation-in was $58, which the $58 entry was right but the title for it was wrong. The only other thing I could think that goes there is freight-in but thats not an option. Thank you.
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