Business, 27.03.2020 03:50 leslieperez67

Waupaca Company establishes a $480 petty cash fund on September 9. On September 30, the fund shows $227 in cash along with receipts for the following expenditures: transportation-in, $48; postage expenses, $63; and miscellaneous expenses, $138. The petty cashier could not account for a $4 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 $540.

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Waupaca Company establishes a $480 petty cash fund on September 9. On September 30, the fund shows $...

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