2 2.57 points Exercise 6-8 (Algo) Petty cash fund with a shortage LO P2 Waupaca Company establishes a $390 petty cash fu

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2 2 57 Points Exercise 6 8 Algo Petty Cash Fund With A Shortage Lo P2 Waupaca Company Establishes A 390 Petty Cash Fu 1 (64.52 KiB) Viewed 28 times

2 2.57 points Exercise 6-8 (Algo) Petty cash fund with a shortage LO P2 Waupaca Company establishes a $390 petty cash fund on September 9. On September 30, the fund shows $120 in cash along with receipts for the following expenditures: transportation-in, $50; postage expenses, $62; and miscellaneous expenses, $145. The petty cashier could not account for a $13 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 $450. No 1 2 3 Date September 09 September 30 October 01 Petty cash Cash Merchandise inventory Postage expense Miscellaneous expenses Cash over and short Petty cash Cash Answer is not complete. General Journal 3000 ›› Debit 390 50 ✓ 62 ✓ 145✓ 13✓ 70 x Credit 390✔ 70 x