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Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows $101 in cash along with receipts for the following expenditures: transportation-in, $50; postage expenses, $53; and miscellaneous expenses, $135. The petty cashier could not account for a $11 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory.

Respuesta :

In a perpetual system, the inventory account changes with every transaction.

How to illustrate the information?

Sept.9

Debit Petty Cash 350  

Credit Cash  350

Sept.30

Debit Merchandise inventory 50

Debit Postage expense 53

Debit Miscellaneous expenses 135

Debit Cash short and over 11

Credit   Cash  249

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