Nakashima Gallery had the following petty cash transactions in February of the current year Check m Feb. 2 Wrote a $340 check, cashed it, and gave the proceeds and the petty cas Addison, the petty cashier. 5 Purchased bond paper for the copier for $15.95 that is imediately used 5 9 Paid $38.50 coD shipping charges on merchandise purchased for resale, tems POB shipping hbox to Chloe point. Nakashima uses the perpetual system to account for nerchandise inventory 12 Paid $8.45 postage to express mail a contract to a client. 14 Reimbursed Adina Sharon, the manager, $74 for business mileage on her car. 20 Purchased stationery for $66.77 that is immediately used 23 Paid a courier $16 to deliver merchandise sold to a customer, terms S10.20 coD shipping charges on merchandise purchased for resale, terms POB shipping FOB destination. point. 27 Paid $53 for postage expenses. 28 The fund had $23.44 remaining in the petty cash box. 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 $110 to a total of $450. Required 2. Prepare a petty cash payments report for February with these categories delivery expense, mlieage expense postage expense merchandise inventory (for transportation-in), and office supplies expense. Sort the payments into the appropriate categories and total the expenditures in each category 3. Prepare the journal entries for required 2 to both (a) reimburse and (b) increase the fund amount the journal entry to establish the petty cash fund. Next >