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Waupaca Company establishes a $440 petty cash fund on September 9. On September 30, the...

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Accounting

Waupaca Company establishes a $440 petty cash fund on September 9. On September 30, the fund shows $196 in cash along with receipts for the following expenditures: transportation-in, $54; postage expenses, $53; and miscellaneous expenses, $124. The petty cashier could not account for a $13 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory

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