Willard Company established a $400 petty cash fund on September 9, 2020. On September 30, the fund had $159.40 in cash along with receipts for these expenditures: transportation-In, $32 45; office supplies, $113.55; and repalrs expense, $87.60. Willard uses the perpetual method to account for merchandise Inventory. The petty cashier could not account for the $7.00 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 General Journal Debit Credit Sep 00. 2020 Record entry Clear entry View general journal

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Willard Company established a $400 petty cash fund on September 9, 2020. On September 30, the fund had $159.40 in cash along
with receipts for these expenditures: transportation-in, $32.45; office supplies, $113.55; and repalrs expense, $87.60. Willard uses the
perpetual method to account for merchandise Inventory. The petty cashier could not account for the $7.00 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
General Journal
Debit
Credit
Sep 09, 2020
Record entry
Clear entry
View general jourmal
Transcribed Image Text:Willard Company established a $400 petty cash fund on September 9, 2020. On September 30, the fund had $159.40 in cash along with receipts for these expenditures: transportation-in, $32.45; office supplies, $113.55; and repalrs expense, $87.60. Willard uses the perpetual method to account for merchandise Inventory. The petty cashier could not account for the $7.00 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 General Journal Debit Credit Sep 09, 2020 Record entry Clear entry View general jourmal
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