Waupaca Company establishes a $ petty cash fund on September On September the fund shows $ in cash along with receipts for the following expenditures: transportationin $; postage expenses, $; and miscellaneous expenses, $ The petty cashier could not account for a $ shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory.
Prepare the September entry to establish the fund, the September entry to reimburse the fund, and an October entry to increase the fund to $
Journal entry worksheet
Prepare the journal entry to establish the petty cash fund.
Note: Enter debits before credits.
Palmona Company establishes a $ petty cash fund on January On January the fund shows $ in cash along with receipt for the following expenditures: postage, $; transportationin $; delivery expenses, $; and miscellaneous expenses, $ Palmona uses the perpetual system in accounting for merchandise inventory.
Prepare the entry to establish the fund on January
Prepare the entry to reimburse the fund on January under two separate situations:
a To reimburse the fund.
b To reimburse the fund and increase it to $ Hint. Make two entries.
