Question

parts 1 2 3 please

Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows $104 in cash along with receipts for the following expenditures: transportation-in, $40; postage expenses, $123; and miscellaneous expenses, $80. 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 $400. View transaction list Journal entry worksheet 2 3 Prepare the journal entry to establish the Petty Cash fund. Note: Enter debits before credits. Date General Journal Debit Credit Sep 09 Record entry Clear entry View general journal

Answer 1

Journal entries
Date	General Journal	Debit	Credit
9-Sep	Petty cash	$ 350.00
	Cash		$ 350.00
	(Petty cash created)
30-Sep	Transportation in	$    40.00
	Postage	$ 123.00
	Miscellaneous expense	$    80.00
	Cash short	$      3.00
	Petty cash		$ 246.00
	(Paid expenses by petty cash account)
1-Oct	Petty cash	$ 296.00
	Cash		$ 296.00
	(Petty cash replenished)

Beginning balance in petty cash	$    350.00
Cash paid for expenses	$    246.00
Available balance before replenishment	$    104.00
Ending balance required	$    400.00
Cash to be deposited to petty cash (400-104)	$    296.00