Willard Company established a $350 petty cash fund on September 9, 2023. On September 30, the fund had $139.50 in cash along with receipts for these expenditures: transportation-in, $28.40; office supplies, $99.40; and repairs expense, $77.70. 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 Date Sep 09, 2023 General Journal Debit Credit View general journal Record entry Clear entry Noxt
Willard Company established a $350 petty cash fund on September 9, 2023. On September 30, the fund had $139.50 in cash along with receipts for these expenditures: transportation-in, $28.40; office supplies, $99.40; and repairs expense, $77.70. 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 Date Sep 09, 2023 General Journal Debit Credit View general journal Record entry Clear entry Noxt
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Willard Company established a $350 petty cash fund on September 9, 2023. On September 30, the fund had $139.50 in cash along
with receipts for these expenditures: transportation-in, $28.40; office supplies, $99.40; and repairs expense, $77.70. 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
Date
Sep 09, 2023
General Journal
Debit
Credit
View general journal
Record entry
Clear entry
Noxt
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