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
Question
None

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
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.