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 2 Wrote a $400 check to establish a petty cash fund. February 5 Purchased paper for the copier for $14.15 that is innediately used. February 9 Paid 532.58 Shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. February 12 Paid $7.95 postage to deliver a contract to a client. February 14 Reinbursed Adina Sharon, the manager, $68 for mileage on her car. February 20 Purchased office paper for $67.77 that is inmediately used. February 23 Paid a courier $2e to deliver merchandise sold to a customer, terms FOB destination. February 25 Paid $13.10 shipping charges transportation-in) on merchandise purchased for resale, terns FOB shipping point. These costs are added to merchandise inventory. February 27 Paid 554 for postage expenses. February 28 The fund had $120.42 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 anount is increased by $100 to a total of $500. 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 (m) reimburse and (b) increase the fund amount Complete this question by entering your answers in the tabs below. Required 1 Required2 Required Prepare the journal entry to establish the petty cash fund. View transaction list Journal entry worksheet Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the journal entry to establish the petty cash fund. View transaction list Journal entry worksheet 1 Wrote a $400 check to establish a petty cash fund. Note: Enter debits before credits. Debit Credit Date Genera! Journal February 02 View general journal Clear entry Record entry Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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.) NAKASHIMA GALLERY Petty Cash Payments Report (for February) Delivery expense Mileage expense Postage expense Merchandise inventory (transportation-in) Office supplies expense Total Required 1 Required 2 Required 3 Prepare the journal entries for required 2 to both (a) reimburse and (b) increase the fund amount. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet
