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  3. waupaca company establishes a $430 petty cash fund

Waupaca Company establishes a $430 petty cash fund on September 9. On September 30, the...

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Accounting

Waupaca Company establishes a $430 petty cash fund on September 9. On September 30, the fund shows $166 in cash along with receipts for the following expenditures: transportation-in, $45; postage expenses, $70; and miscellaneous expenses, $145. The petty cashier could not account for a $4 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 $495.

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