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; **ofijoid Please answer leter b. and the anglysis 7 components. Thanks ey can rund L04 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. b. Prepare a summary of the petty cash payments similar to Exhibit 7.3 and record the entry on September 30 to reimburse the fund and reduce it to $300. Analysis Component: You are the senior marketing manager and are reviewing the unadjusted account balan. ces for your division. You notice the $7.00 cash shortage recorded on September 30 regarding petty cash. The current petty cash custodian has been in place for three months. What should be done, if anything? Explain. Tvarnica 7.7 Dathicoch fund In