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Chapter 6 Quiz 24 costs are added to merchandise inventory Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima
Chapter 6 Quiz 24 costs are added to merchandise inventory Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory. Feb. 2 Wrote a $350 check to establish a petty cash fund 5 Purchased paper for the copier for $15.75 that is immediately used 9 Paid sa so shipping charges (transportation-in) on merchandise purchased for resale, terms For shipping point. These 12 Paid $8.45 postage to deliver a contract to a client 14 Reimbursed Adina Sharon, the manager, $69 for mileage on her car 20 Purchased office paper for $69.77 that is immediately used 23 Paid a courier $18 to deliver merchandise sold to a customer, ternes Fog destination 25 paid $11.30 shipping charges (transportation-in) on merchandise purchased for resale, teras roe shipping point. These costs are added to merchandise Inventory 27 Paid $54 for postage expenses 28 The fund had $22.15 remaining in the petty cashbox Sorted the petty cash receipts by accounts affected and exchanged them for a check to reimburse the fund for expenditures 28 The petty cash fund amount is increased by $100 to a total of $490 Required: 1. Prepare the journal entry to establish the petty cash fund, 2. Prepare a petty cash payments report for February with these categories: delivery expense, mileage expense, postage expense, merchandise inventory for transportation-in), and office supplies expense. 3. Prepare the journal entries for required 2 to both (a) reimburse and (b) increase the fund amount Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Prepare the journal entry to establish the petty cash fund. View transaction lit Journal entry worksheet Graw Hill M
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