3 Willard Company established a $330 petty cash fund on September 9, 2020. On September 30, the fund had $131.50 in cash alongwith receipts for these expenditures: transportation-In, $26.80; office supplies, $93.80; and repairs expense, $72.90. Willard uses theperpetual method to account for merchandise inventory. The petty cashier could not account for the $5.00 shortage in the fund.a. Prepare the September 9 entry to establish the fund.View transaction listJournal entry worksheet< 1Record the entry to establish the fund.Note: Enter debits before credits.ReceiptsDateSep 09, 2020Record entryTotal receiptsFund totalGeneral JournalClear entryb. Prepare a summary of the petty cash payments and record the entry on September 30 to reimburse the fund and reduce it to $180.(Round your answers to 2 decimal places.)WILLARD COMPANYPetty Cash Payments ReportSeptember 9-30, 2020DebitEquals: Cash required to replenish petty cashSCreditView general journal0.00Prev41 of 2#Next > 22View transaction listJournal entry worksheet1Record the entry to reimburse the fund.Note: Enter debits before credits.DateSep 30, 2020Record entryGeneral JournalClear entryDebitCreditView general journal

A journal entry is a document of a business arrangement in the accounting system of a company.…

Willard Company established a $330 petty cash fund on September 9, 2020. On September 30, the fund had $131.50 in cash along with receipts for these expenditures: transportation-in, $26.80; office supplies, $93.80; and repairs expense, $72.90. Willard uses the perpetual method to account for merchandise inventory. The petty cashier could not account for the $5.00 shortage in the fund. a. Prepare the September 9 entry to establish the fund. View transaction list Journal entry worksheet < 1 Record the entry to establish the fund. Note Enter efore credits

Willard Company established a $330 petty cash fund on September 9, 2020. On September 30, the fund had $131.50 in cash along with receipts for these expenditures: transportation-in, $26.80; office supplies, $93.80; and repairs expense, $72.90. Willard uses the perpetual method to account for merchandise inventory. The petty cashier could not account for the $5.00 shortage in the fund. a. Prepare the September 9 entry to establish the fund. View transaction list Journal entry worksheet < 1 Record the entry to establish the fund. Note Enter efore credits

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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