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HELP PLS !! With cash over and short and Cash Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima
HELP PLS !! With cash over and short and Cash Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory. Febcuary 2 wrote a $400 cbeck to establinh a petty eanh fund. Fetruary 5 Furchased paper for the copier for $14.15 that is imedintely uned. Fobevary, Faid $32.50 shipping ehargen (transportation-is) on merchandise parchased for renale, terma ron shipping point. These conts ace added to merchandise inventory. Yebruary 12 Paid $7.95 postage to deliver a contract to a clibet. rebruary 20 Purchaned office poper for $67,77 that in inediately uned. poist. These costs are added to merehandilie leventery. rebruary 27 faid $54 foz pantage expenses. rebruary 28 The fund had $120.42 remaining in the petty eassbok. Sorted the petty cash receipt: by accountu affected asd exchasged then for \& eheek to reinburae the fund for expesilicures. rebrusry 28 the petty cash fund amoant is lbereased by $100 to a total of $500. Required: 1. Prepare the journat 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 (b) reimburse and (b) increase the fund amount
HELP PLS !! With cash over and short and Cash
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