Question: this is the question for homework need solution 4. Willard Company established a $460 petty cash fund on September 9, 2020. On September 30, the

this is the question for homework need solution

4. 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. b. Prepare a summary of the petty cash payments and record the entry on September 30 to reimburse the fund and reduce it to $310. (Round your answers to 2 decimal places.)

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