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Problem - Petty cash fund with a shortage

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Problem - Petty cash fund with a shortage

Waupaca Company establishes a $300 petty cash fund on September 9. On September 30, the fund shows $75 in cash along with receipts for the following expenditures: transportation-in, $47; postage expenses, $55; and miscellaneous expenses, $112. The petty cashier could not account for a $11 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 $370.

Reference no: EM132490328

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