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Is Q2 part a and b correct. I have solved it. Wanted to know whether i have attempted it right or wrong Assignment 7 -
Is Q2 part a and b correct. I have solved it. Wanted to know whether i have attempted it right or wrong
Assignment 7 - Ch 7 A Saved Help Save & Exit Submit 2 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. 15 points View transaction list View journal entry worksheet Print No Date General Journal Debit Credit 1 References Sep 09, 2020 330 Petty cash Cash 330 Assignment 7 - Ch 7 Saved Help Save & Exit Submit 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.) 2 WILLARD COMPANY Petty Cash Payments Report September 9 - 30, 2020 15 points S S Receipts: Office supplies expense Repairs expense Merchandise inventory 93.80 72.90 26.80 Print $ 193.50 S References Total receipts Fund total Less: Cash remaining Equals: Cash required to replenish petty cash Cash short 330.00 131.50 198.50 5.00 $ View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Sep 30, 2020 26.80 Transportation in Office supplies expense Repairs exponse Cash over and short Cash 93.80 72.90 5.00 330.00Step by Step Solution
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