Secure https/ 3 Help Exercise 8-5 Petty cash fund with a shortage LO P2 aupaca r

Question

Secure https/ 3 Help Exercise 8-5 Petty cash fund with a shortage LO P2 aupaca receipts for the following expenditures transportation-in, $54: postage expenses, $66 cashier could not account for a $8 shortage in the fund. The establishes a $390 petty cash fund on September 9. On September 30, the fund shows $113 in cash along with company uses the perpetual system in accounting for merchandise , and miscelameous expenses, $149. The petty Prepare the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and Gan October ' entry to increase the fund to $460. Journal entry worksheet Prepare the journal entry to establish the Petty Cash fund. Date Sept 9

Explanation / Answer

Sep-09 Petty Cash $ 390 Cash $ 390 Sep-30 Transportation - in $    54 Postage expenses $    66 Misc. Expenses $ 149 Cash Shortage $      8 Petty Cash $ 277 (being amounts expended from petty cash) Oct-01 Petty Cash ($460-$113) $ 347 Cash $ 347 (being amount needed to top up the petty cash box to $460)

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