Waupaca Company establishes a $350 petty cash fund on september 9. On september 30 the...
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Accounting
Waupaca Company establishes a $350 petty cash fund on september 9. On september 30 the fund shows $104 in cash along with receipts for the follwing expenditures: transportation-in $40; postage expenses $123; and miscellaneous expenses $80. The petty cashier could not account for a $3 shortage in the fund.
The company uses the perpetual systme 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 $400.
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