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
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 2PB
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Question
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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
Prev
4
1 of 2
#
Next >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F17848948-ac9c-45f0-9a3b-2c29ff3a905c%2F8c601748-e80c-4d4d-b628-eaec57a2829d%2Fqbo5sxj_processed.jpeg&w=3840&q=75)
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F17848948-ac9c-45f0-9a3b-2c29ff3a905c%2F8c601748-e80c-4d4d-b628-eaec57a2829d%2Fhe1qn3_processed.jpeg&w=3840&q=75)
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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