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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. February
Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory. February Wrote a $ check to establish a petty cash fund. February Purchased paper for the copier for $ that is immediately used. February Paid $ shipping charges transportationin on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. February Paid $ postage to deliver a contract to a client. February Reimbursed Adina Sharon, the manager, $ for mileage on her car. February Purchased office paper for $ that is immediately used. February Paid a courier $ to deliver merchandise sold to a customer, terms FOB destination. February Paid $ shipping charges transportationin on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. February Paid $ for postage expenses. February The fund had $ 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 The petty cash fund amount is increased by $ to a total of $ Required: Prepare the journal entry to establish the petty cash fund. Prepare a petty cash payments report for February with these categories: delivery expense, mileage expense, postage expense, merchandise inventory for transportationin and office supplies expense. Prepare the journal entries for required to both a reimburse and b increase the fund amount.
Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory.
February Wrote a $ check to establish a petty cash fund.
February Purchased paper for the copier for $ that is immediately used.
February Paid $ shipping charges transportationin on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory.
February Paid $ postage to deliver a contract to a client.
February Reimbursed Adina Sharon, the manager, $ for mileage on her car.
February Purchased office paper for $ that is immediately used.
February Paid a courier $ to deliver merchandise sold to a customer, terms FOB destination.
February Paid $ shipping charges transportationin on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory.
February Paid $ for postage expenses.
February The fund had $ 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 The petty cash fund amount is increased by $ to a total of $
Required:
Prepare the journal entry to establish the petty cash fund.
Prepare a petty cash payments report for February with these categories: delivery expense, mileage expense, postage expense, merchandise inventory for transportationin and office supplies expense.
Prepare the journal entries for required to both a reimburse and b increase the fund amount.
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