Waupaca Company establishes a $460 petty cash fund on September 9. On September 30, the fund show

Waupaca Company establishes a $460 petty cash fund on September 9. On September 30, the fund shows $159 in cash along with receipts for the following expenditures: transportation-in, $60; postage expenses, $76; and miscellaneous expenses, $150. The petty cashier could not account for a $15 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 $525.

Expert Answer

 

Waupaca Company
Journal Entries
Date Particulars Debit Credit
September 9 Petty Cash $460
To Cash $460
September 30 Transportation-in $60
Postage Expenses $76
Miscellaneous Expenses $150
Cash Short and Over $15
To Petty Cash $301
Petty Cash $301
To Cash $301
October 1 Petty Cash $65
To Cash $65
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