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 $340 check to establish a petty cash fund 5 Purchased paper for the copier for $14 55 that is immediately used 9 Paid $40 50 shipping charges (transportation in) on merchandise purchased for resale, terms FOB shipping point These costs are added to merchandise inventory 12 Paid $7 85 postage to deliver a contract to a client 14 Reimbursed Adina Sharon, the manager, $70 for mileage on her car 20 Purchased office paper for $68 77 that is immediately used 23 Paid a courier $21 to deliver merchandise sold to a customer, terms FOB destination 25 Paid $10 20 shipping charges (transportation in) on merchandise purchased for resale, terms FOB shipping point These costs are added to merchandise inventory 27 Paid $52 for postage expenses 28 The fund had $23 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 $140 to a total of $480 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 Journal entry worksheet Record the reimbursement of the petty cash fund Note Enter debits before credits Journal entry worksheet Record the increase of the petty cash fund Note Enter debits before credits

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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.

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 $340 check to establish a petty cash fund.
	5	Purchased paper for the copier for $14.55 that is immediately used.
	9	Paid $40.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory.
	12	Paid $7.85 postage to deliver a contract to a client.
	14	Reimbursed Adina Sharon, the manager, $70 for mileage on her car.
	20	Purchased office paper for $68.77 that is immediately used.
	23	Paid a courier $21 to deliver merchandise sold to a customer, terms FOB destination.
	25	Paid $10.20 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory.
	27	Paid $52 for postage expenses.
	28	The fund had $23.15 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 $140 to a total of $480.

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. image text in transcribed

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 Journal entry worksheet Record the reimbursement of the petty cash fund. Note: Enter debits before credits. Journal entry worksheet Record the increase of the petty cash fund. Note: Enter debits before credits