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February 2 Wrote a $340 check to establish a petty cash fund. February 5 Purchased paper for the copier for $14.95 that is immediately used.
February 2 | Wrote a $340 check to establish a petty cash fund. |
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February 5 | Purchased paper for the copier for $14.95 that is immediately used. |
February 9 | Paid $42.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. |
February 12 | Paid $8.35 postage to deliver a contract to a client. |
February 14 | Reimbursed Adina Sharon, the manager, $71 for mileage on her car. |
February 20 | Purchased office paper for $69.77 that is immediately used. |
February 23 | Paid a courier $24 to deliver merchandise sold to a customer, terms FOB destination. |
February 25 | Paid $10.80 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. |
February 27 | Paid $58 for postage expenses. |
February 28 | The fund had $24.96 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. |
February 28 | The petty cash fund amount is increased by $150 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.
Journal entry worksheet Wrote a $340 check to establish a petty cash fund. Note: Enter debits before credits. 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.) Prepare the journal entries for required 2 to both (a) reimburse and (b) increase the fund amount. (Round your answers to 2 decimal places.) Journal entry worksheet Note: Enter debits before credits. Prepare the journal entries for required 2 to both (a) reimburse and (b) increase the fund amount. (Round your answers to 2 decimal places.) Journal entry worksheet Note: Enter debits before creditsStep by Step Solution
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