Business, 11.02.2021 22:10 jaylaa04

Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows $144 in cash along with receipts for the following expenditures: transportation costs of merchandise purchased, $42; postage expenses, $50; and miscellaneous expenses, $102. The petty cashier could not account for a $12 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare: a. the September 9 entry to establish the fund.
b. the September 30 entry to reimburse the fund
c. An October 1 entry to increase the fund to $395.

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Answer from: dondre54

Solution :

Date Account Debit Credit

Sept 9 Petty cash $ 350

Cash $ 350

Sept 30 merchandise purchased $ 42

postage expenses $ 50

miscellaneous expenses $ 102

Cash shortage $ 12

Cash (350-42-50-102)=156-144=12 $ 206

Oct 1 Petty cash 45

Cash (395-350) $ 45

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Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows $...

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