Waupaca Company establishes a $420 petty cash fund on September 9. On September 30, the fund shows $166 in cash along with receipts for the following expenditures: transportation-in, $53; postage expenses, $70; and miscellaneous expenses, $123. The petty cashier could not account for a $8 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.
3) an October 1 entry to increase the fund to $450.

Date        Account                               Debit     Credit

Sep 9      Petty cash                             $420

                       Cash                                            $420

Sep 30    Merchandise inventory        $53

                Postage expense                 $70

                Miscellaneous expense       $123  

                Cash shortage                      $8

                      Cash                                              $254

Oct 1       Petty cash                               $30  

                       Cash [450-420]                            $30

rational decision making is a multi-step process for making choices between alternatives. the process of rational decision making favors logic, objectivity, and analysis over subjectivity and insight. the word “rational” in this context does not mean sane or clear-headed as it does in the colloquial sense.

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15 pounds of apples and 6 cups of flour