CHECK my WOT 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 $16.55 that is immediately used. 9 Pald $32.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. 12 Paid $7.55 postage to deliver a contract to a client. 14 Reimbursed Adina Sharon, the manager, $72 for mileage on her car. 20 Purchased office paper for $66.77 that is immediately used 23 Paid a courier 518 to deliver merchandise sold to a customer, terms FOB destination. 25 Paid $10.30 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory, 27 Paid 553 for postage expenser 28 The fund had $25.99 remaining in the petty cashbox. Sorted the petty cash receipts by accounts affected and exchanged then for a check to reimburse the fund for expenditures. 28 The petty cash fund amount is increased by $90 to a total of $448. ncho 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 3 Prepare the journal entry to establish the petty cash fund. View transaction list 05 Journal entry worksheet 1 Wrote a $350 check to establish a petty cash fund. Note: Enter debits before credits Date General Journal Debit Credit Foh 2 Dotture 35P C Required 1 Required 2 Required 3 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. (Round your answers to 2 decimal places.) NAKASHIMA GALLERY Petty Cash Payments Report (for February) Delivery expense Feb. 2 Delivery of customer's merchandise Mileage expense + Postage expense 0.00 Merchandise inventory (transportation-in) Office supplies expense 0.00 0.00 GO Required 1 Required 2 Required 3 Prepare the journal entries for required 2 to both (a) reimburse and (b) increase the fund amount. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 2 Record the reimbursement of the petty cash fund. Note: Enter debits before credits General Journal Debit Credit Date Feb 28 my Required 1 Required 2 Required 3 Prepare the journal entries for required 2 to both (a) reimburse and (b) increase the fund amount. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 cos 2 Record the increase of the petty cash fund, Note: Enter debts before credits Date General Journal Debit Credit Feb 28
