1. Willard Company established a $400 petty cash fund on September 9, 2017. 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 repairs 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Total Points: 2 b. Prepare a summary of the petty cash payments and record the entry on September 30 to reimburse the fund and reduce it to $250. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.) Total Points: 7 for the summary and 6 for the entries No Date General Journal Debit Credit Petty Cash Cash WILLARD COMPANY I PETTY CASH PAYMENTS REPORT September 9-30, 2017 Receipts: 1 Sep 9, 2017 Total Receipts Fund Total Less: Cash remaining Equals: Cash required to replenish petty cash Cash shortlover No Date Credit General Journal Debit 1 Ser 30, 2017 2. The following information was available to reconcile Montrose Company's book balance of Cash with its bank statement balance as of October 31, 2020: a. After all posting was completed on October 31, the company's Cash account had a $13,219 debit balance but its bank statement showed a $29,355 balance. b. Cheques #296 for $1,334 and #307 for $12,754 were outstanding on the September 30 bank reconciliation Cheque #307 was returned with the October cancelled cheques, but chegue #296 was not. It was also found that cheque #315 for $893 and cheque #321 for $2,000, both written in October, were not among the cancelled chegues returned with the statement c. In comparing the cancelled cheques returned by the bank with the entries in the accounting records, it was found that cheque #320 for the October rent was correctly written for $4,090 but was erroneously entered in the accounting records as $4,900. d. A credit memo enclosed with the bank statement indicated that there was an electronic fund transfer related to a customer payment for $21,400 A $120 bank service charge was deducted. This transaction was not recorded by Montrose before receiving the bank statement. e. A debit memo for $3,251 listed a $3,202 NSF chegue plus a $49 NSF charge. The cheque had been received from a customer, Jefferson Tyler, Montrose had not recorded this bounced cheque before receiving the statement f. Also enclosed with the statement was a $74 debit memo for bank services. It had not been recorded because no previous notification had been received g. The October 31 cash receipts, 56,856, were placed in the bank's night depository after banking hours on that date and this amount did not appear on the bank statement. Required: Prepare a bank reconciliation for the company as of October 31, 2020. Total Points: 11 MONTROSE COMPANY Bank Reconciliation October 31, 2020 Bank Statement Book Statement Bank Statement Balance Book Balance Of Cash Add: Add: Deduct: Deduct: Adjusted bank balance Adjusted book balance