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Prepare the september entry to establish the fund

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Reference no: EM132941871

Waupaca Company establishes a $370 petty cash fund on September 9. On September 30, the fund shows $118 in cash along with receipts for the following expenditures: transportation costs of merchandise purchased, $43; postage expenses, $63; and miscellaneous expenses, $133. The petty cashier could not account for a $13 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory.

Problem a: 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 $440.

Reference no: EM132941871

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