Business, 02.07.2021 01:00 robertjoy19

Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows $104 in cash along with receipts for the following expenditures: printing expenses, $40; postage expenses, $123; and miscellaneous expenses, $80. The petty cashier could not account for a $3 shortage in the 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 $400.

Answers: 3

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Answer from: breannaasmith1122

Please see explanation for answers

Explanation:

Journal to record establishment of fund

Date Account titles and explanation Debit Credit

Sept 9 Petty cash $350

To Cash $350

Journal to record the reimbursement of petty cash fund

Date Account titles and explanation Debit Credit

September 30 printing expenses $40

Postage expense $123

Miscellaneous expenses $80

Cash shortage - not accounted for $3

To Cash $246

Journal to show the increment of fund to $400

Date Account titles and explanation Debit Credit

October 1 Petty cash $50

To Cash $50

Calculation : ($400 - $350)=$50

Answer from: Quest

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Answer from: Quest

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best of luck,

the divergent

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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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