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

Principles of Accounting Volume 1
19th Edition
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Author:OpenStax
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Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 1PB: On June 1 French company has decided to initiate a petty cash fund in the amount of $800. Prepare...
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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 debits before credits.
Receipts
Date
Sep 09, 2020
Record entry
Total receipts
Fund total
General Journal
Clear entry
b. 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 COMPANY
Petty Cash Payments Report
September 9-30, 2020
Debit
Equals: Cash required to replenish petty cash
S
Credit
View general journal
0.00
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Transcribed Image Text: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 debits before credits. Receipts Date Sep 09, 2020 Record entry Total receipts Fund total General Journal Clear entry b. 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 COMPANY Petty Cash Payments Report September 9-30, 2020 Debit Equals: Cash required to replenish petty cash S Credit View general journal 0.00 Prev 4 1 of 2 # Next >
22
View transaction list
Journal entry worksheet
1
Record the entry to reimburse the fund.
Note: Enter debits before credits.
Date
Sep 30, 2020
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
Transcribed Image Text:22 View transaction list Journal entry worksheet 1 Record the entry to reimburse the fund. Note: Enter debits before credits. Date Sep 30, 2020 Record entry General Journal Clear entry Debit Credit View general journal
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