Business, 18.03.2021 01:30 shanilafaridor97hl

Exercise 8-8 (Algo) Petty cash fund with a shortage LO P2 Waupaca Company establishes a $310 petty cash fund on September 9. On September 30, the fund shows $85 in cash along with receipts for the following expenditures: transportation-in, $47; postage expenses, $51; and miscellaneous expenses, $122. The petty cashier could not account for a $5 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 $390.

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Exercise 8-8 (Algo) Petty cash fund with a shortage LO P2 Waupaca Company establishes a $310 petty c...

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