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Review case study of the waupaca company

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Reference no: EM131662788

Question: Waupaca Company establishes a $300 petty cash fund on September 9. On September 30, the fund shows $81 in cash along with receipts for the following expenditures: transportation-in, $33; postage expenses, $112; and miscellaneous expenses, $68. The petty cashier could not account for a $6 shortage in the fund. Gannon uses the perpetual system in accounting for merchandise inventory. Prepare journal entries for the following

1. The September 9 entry to establish the fund

2. The September 30 entry to both reimburse the fund.

3. An October 1 entry to increase the fund to $350.

Reference no: EM131662788

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