Waupaca Company establishes a $330 petty cash fund on September 9. On September 30, the fund shows $53 in cash along with receipts for the following expenditures: transportation-in, $57; postage expenses, $66; and miscellaneous expenses, $147. The petty cashier could not account for a $7 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 $380.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Waupaca Company establishes a $330 petty cash fund on September 9. On September 30, the fund shows $53 in cash along with receipts for the ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Sam will finish high school this year. He does not think he needs any further education. This is a misconception. True False
Answers (2)
Drug companies are allowed to be monopolists in the drugs they discover in order to A. increase the overall welfare of society through better health because drug companies continually produce better medications. B.
Answers (1)
The owner s equity division should contain what account (s) ? a. 31 P. Woodsley Capital b. 31 P. Woodsley Capital 32 Merchant s Bank c. 31 Merchant s Bank 32 P. Woodsley Capital d. 31 32
Answers (1)
On October 5, 2019, you purchase a $10,000 T-note that matures on August 15, 2031 (settlement occurs two days after purchase, so you receive actual ownership of the bond on October 7, 2019). The coupon rate on the T-note is 4.
Answers (1)
Shanna, a calendar year and cash basis taxpayer, rents property from Janice. As part of the rental agreement, Shanna pays $8,400 rent on April 1, 2018, for the 12 months ending March 31, 2019. a.
Answers (1)
New Questions in Business
In the probabilistic approach to project network analysis, the time estimate annotated tm for any activity is the: Multiple Choice: O mean time. O marginal time. O mode time. O most likely time. O median time.
Answers (1)
When the balance of the income summary account is a debit, the entry to close this account is: a. debit capital; credit income summary. b. debit income summary; credit revenue. c. debit revenue; credit income summary. d.
Answers (1)
Identify all of the correct statements: a. To motivate managers in non-profit firms, no employee incentives are needed b. Managers naturally seek to maximize shareholders' wealth c.
Answers (1)
Which best explains why the supply of housing doesn't automatically increase to meet rising demand?
Answers (2)
Waupaca Company establishes a $330 petty cash fund on September 9. On September 30, the fund shows $53 in cash along with receipts for the following expenditures: transportation-in, $57; postage expenses, $66; and miscellaneous expenses, $147.
Answers (1)