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Record the journal entry to establish the petty cash fund

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Reference no: EM131796993

Waupaca Company establishes a $410 petty cash fund on September 9. On September 30, the fund shows $188 in cash along with receipts for the following expenditures: transportation-in, $47; postage expenses, $55; and miscellaneous expenses, $117. The petty cashier could not account for a $3 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. 

  • For September 9th Record the journal entry to establish the Petty Cash fund.
  • For September 30th Record the reimbursement of the Petty Cash Fund.
  • For October 1st Record the increase of the Petty Cash Fund.

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 $470.

Reference no: EM131796993

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