Question: Why is my answer NOT COMPLETE? Exercise 6-5 Petty cash fund with a shortage LO P2 Waupaca Company establishes a $470 petty cash fund on
Why is my answer NOT COMPLETE?
Exercise 6-5 Petty cash fund with a shortage LO P2
Waupaca Company establishes a $470 petty cash fund on September 9. On September 30, the fund shows $219 in cash along with receipts for the following expenditures: transportation costs of merchandise purchased, $46; postage expenses, $72; and miscellaneous expenses, $126. The petty cashier could not account for a $7 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 $530.

Answer is not complete. - No Date General Journal Credit Debit 470 Sept 9 Petty cash Cash 470 0 470 Sept 30 Merchandise inventory Postage expense Miscellaneous expenses Cash short and over Cash 46 72 126 7 251 Oct 01 Petty cash 60 LT600
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