Question: How do I prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an

How do I 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 $495.

Waupaca Company establishes a $450 petty cash fund on September 9. On September 30, the fund shows $189 in cash along with receipts for the following expenditures: transportation-in, $52; postage expenses $79; and miscellaneous expenses, $127. The petty cashier could not account for a $3 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 $495. View transaction list Journal entry worksheet 2 3 Prepare the journal entry to establish the petty cash fund. Note: Enter debits before credits. Date General Journal Debit Credit Sept 09 Record entry Clear entry View general journal

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