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Waupaca Company establishes a $340 petty cash fund on September 9. On September 30, the...

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Accounting

Waupaca Company establishes a $340 petty cash fund on September 9. On September 30, the fund shows $67 in cash along with receipts for the following expenditures: transportation-in, $55; postage expenses, $58; and miscellaneous expenses, $150. The petty cashier could not account for a $10 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 $380.
Journal entry worksheet
1
2
3
Prepare the journal entry to establish the petty cash fund.
Note: Enter debits before credits.
Palmona Company establishes a $160 petty cash fund on January 1. On January 8, the fund shows $69 in cash along with receipt for the following expenditures: postage, $37; transportation-in, $13; delivery expenses, $15; and miscellaneous expenses, $26 Palmona uses the perpetual system in accounting for merchandise inventory.
Prepare the entry to establish the fund on January 1.
Prepare the entry to reimburse the fund on January 8 under two separate situations:
a. To reimburse the fund.
b. To reimburse the fund and increase it to $210. Hint. Make two entries.
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