History Bookmarks People Window Help our FSA I D E-ma x Connet connect.html ork

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History Bookmarks People Window Help our FSA I D E-ma x Connet connect.html ork Exercise 6-5 Petty cash fund with a shortage LO P2 Waupaca Company establishes a $420 petty cash fund on September 9. On September 30, the fund shows $162 in cash along with receipts for the following expenditures: transportation-in, $49; postage expenses, $54; and miscelaneous expenses, $144. The pety cashier could not account for a $11 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 $460. Journal entry worksheet Prepare the journal entry to establish the Petty Cash fund. Note: Enter debits before credits Credit Sept 9 Record anbry Clear entry ew general Journal

Explanation / Answer

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Date General Journal Debit Credit Sept 9 Petty cash $420 Cash $420 Sept 30 Merchandise inventory $49 Postage expense $54 Miscellaneous expenses $144 Cash short and over $11 Cash $258 Oct 01 Petty cash $40 Cash $40

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