Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. waupaca company establishes a $320 petty cash fund

Waupaca Company establishes a $320 petty cash fund on September 9. On September 30, the...

70.2K

Verified Solution

Question

Accounting

Waupaca Company establishes a $320 petty cash fund on September 9. On September 30, the fund shows $44 in cash along with receipts for the following expenditures: transportation-in, $51; postage expenses, $68; and miscellaneous expenses, $146. 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 $395.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Refer to the table below Find the missing probability and then find the expected value...

Basic Math
Q

A 400 V dc shunt motor has a rated armature current of 76 A at...

Electrical Engineering
Q

John has been hired to design an exciting carnival ride. Tiff, the carnival owner, has decided...

Basic Math
Q

A parallel plate capacitor with air between the plates has capacitance of 8 pF What...

Physics
Q

Find the standard deviation of 10 16 18 20 22 28 Round to the nearest...

Statistics
Q

Finding Mean Variance and Standard Deviation In Exercises 1 12 use the given probability density...

Calculus
Q

In 2008 Jen had a collection of 44 shells In 2011 her collection had 107...

Calculus
Q

Activities with step-cost behavior are being fully utilized by...

Accounting
Q

(1) Required information Use the following information for the Exercises 8-10 below. (Algo)...

Accounting
Q

On January 1,2026. Windsor Inc. granted stock options to officers and key employees for the...

Accounting
Q

E11-15 (Algo) Recording and Analyzing Treasury Stock Transactions LO11-3 During the year the following selected...

Accounting
Q

Please show work and label each part!! Flex Gyms embarks on an aggressive facility expansion...

Finance