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Waupaca Company establishes a $310 petty cash fund on September 9. On September 30, the fund shows $37 in cash along with receipts for the following expenditures: transportation-in, $55; postage expenses, $75; and miscellaneous expenses, $135. The petty cashier could not account for a $8 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory.
Prepare (i) the September 9 entry to establish the fund, (ii) the September 30 entry to reimburse the fund, and (iii) an October 1 entry to increase the fund to $385.
The response should include a reference list. One-inch margins, Using Times New Roman 12 pnt font, double-space and APA style of writing and citations.