Question: please correct the wrong answer Waupaca Company establishes a $410 petty cash fund on September 9. On September 30, the fund shows $171 in cash
Waupaca Company establishes a $410 petty cash fund on September 9. On September 30, the fund shows $171 in cash along with receipts for the following expenditures: transportation-in, $50;postage expenses, $62; and miscellaneous expenses, $115. The petty cashier could not account for a $12 shortage in the fund. The company uses the perpetual system in accounting for merchandise Inventory Prepare (t) 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 $450. Answer is complete but not entirely correct. General Journal No Date Debit Credit Sept 09 Petty cash 410 Sept 30 Transportation in Postage exponse Monous expenses Cash over and short Cash Octol Potty cash
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