Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

akashima Gallery had the following petty cash transactions in February of the current year eb. 2 Wrote a $360 check, cashed it, and gave the

image text in transcribed
image text in transcribed
akashima Gallery had the following petty cash transactions in February of the current year eb. 2 Wrote a $360 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier. 5 Purchased bond paper for the copier for $14.55 that is immediately used. 9 Paid $34.50 CoD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the perpetual system to account for merchandise inventory 12 Paid $8.25 postage to express mail a contract to a client 14 Reimbursed Adina Sharon, the manager, $67 for business mileage 20 Purchased stationery for $67.77 that is immediately used 23 Paid a courier $23 to deliver merchandise sold to a customer, terms FOB destination. shipping charges on merchandise purchased for resale, terms FOB shipping point. 27 Paid $51 for postage expenses 28 The fund had $25.39 remaining in the petty cash box. sorted the petty cash receipts by accounts aff ected and exchanged them for a check to reimburse the fund for expenditures. 28 The petty cash fund amount is increased by $130 to a total of $490. Required: 1. Prepare the journal entry to establish the petty cash fund. 2. Prepare a petty cash paymen expense, merchandise inventory (for transportation-in), and office supplies expense. Sort the payments into the a categories and total the expenditures in each category. 3. Prepare the journal entries for required 2 to both (a) reimburse and (b) increase the fund amount. ts report for February with these categories: delivery expense, mileage expense, postage Complete this question by entering your answers in the tabs below Required 1Required 2 Required 3 Prepare the journal entry to establish the petty cash fund. View transaction list Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Information Technology Auditing

Authors: Hall, J Scott Harr

3rd Edition

1133008046, 978-1439079119

More Books

Students also viewed these Accounting questions