Willard Company established a $410 petty cash fund on September 9, 2020. On September 30, the...

 

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Willard Company established a $410 petty cash fund on September 9, 2020. On September 30, the fund had $163.40 in cash along with receipts for these expenditures: transportation-in, $33.30; office supplies, $116.50; and repairs expense, $89.80. 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. Willard Company established a $410 petty cash fund on September 9, 2020. On September 30, the fund had $163.40 in cash along with receipts for these expenditures: transportation-in, $33.30; office supplies, $116.50; and repairs expense, $89.80. 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.

Answer rating: 100% (QA)

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