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Prepare the september entry to establish the fund

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Problem - Waupaca Company establishes a $430 petty cash fund on September 9. On September 30, the fund shows $179 in cash along with receipts for the following expenditures: transportation-in, $58; postage expenses, $52; and miscellaneous expenses, $128. 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 $485.

Reference no: EM132962666

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