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  3. exercise 8-5 petty cash fund with a shortage lo p2

Exercise 8-5 Petty cash fund with a shortage LO P2 Waupaca Company establishes a $350...

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Exercise 8-5 Petty cash fund with a shortage LO P2 Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows $105 in cash along with receipts for the following expenditures: transportation-in, $41, postage expenses, $70; and miscellaneous expenses, $131. The petty cashier could not account for a $3 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 $415. View transaction list Journal entry worksheet Prepare the journal entry to establish the Petty Cash fund. Note: Enter debits before credits. Date General Journal ebit Credit Sept 9

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