Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Willard Company established a $460 petty cash fund on September 9, 2020. On September 30, the fund had $183.40 in cash along with receipts for
Willard Company established a $460 petty cash fund on September 9, 2020. On September 30, the fund had $183.40 in cash along with receipts for these expenditures: transportation-in, $37.30; office supplies, $130.50; and repairs expense, $101.80. 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.
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 journal 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.) WILLARD COMPANY Petty Cash Payments Report September 9 - 30, 2020 Receipts: $ 0.00 Total receipts Fund total Equals: Cash required to replenish petty cashStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started