Help Save & Exit Check Exercise 6-5 Petty cash fund with a shortage LO P2 Waupac
ID: 2412518 • Letter: H
Question
Help Save & Exit Check Exercise 6-5 Petty cash fund with a shortage LO P2 Waupaca Company establishes a $490 petty cash fund on September 9. On September 30, the fund shows $237 in cash along with receipts for the following expenditures: transportation-in $57; postage expenses, $58; and miscellaneous expenses, $132. The petty cashier could not account for a $6 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory Prepare () the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the increase the fund to $530 fund, and (3) an October 1 entry to View transaction list Journal entry worksheet Prepare the journal entry to establish the Petty Cash fund. Debit Credit General J C Prev 1 of 1 NextExplanation / Answer
The following are the journal entries:
Date general journal debit credit september 9 Petty cash a/c 490 .............To Cash a/c 490 (to establish petty cash fund) september 30 merchandise inventory a/c (transportation cost) 57 postage expense 58 miscelleneous expenses 132 cash short and over 6 ..........To Cash 253 (to reimburse the fund) oct 1 Petty cash a/c 40 .........To Cash 40 (to increase fund to $530)Related Questions
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