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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 2
Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory 2 wrote a $350 check to establish a petty cash fund. 5 Purchased paper for the copter for $14.55 that is immediately used. Paid $30.50 shipping charges (transportation in) on merchandise purchased for resale, teras FOB shipping point. These costs are added to merchandise inventory. 12 Paid 58.45 postage to deliver a contract to a client 14 Reimbursed Adina Sharon, the manager. 566 for mileage on her car. 23 Paid a courier $20 to deliver merchandise sold to a customer, terus Fos destination 25 Paid $10.70 shipping charges (transportation-in) on merchandise purchased for resale, terns Foo shipping point. These costs are added to serchandise Inventory. 27 Paid $59 for postage expenses 28 The fund had 25.66 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 570 to a total of 5420 Bock 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 ON 0 o $ 4 % 5 08 N. 2 3 6 8 9 0 - w e r t Y u O S d f g h j K X C V b n m ? alt ctrl Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory 2 wrote a $350 check to establish a petty cash fund. 5 Purchased paper for the copter for $14.55 that is immediately used. Paid $30.50 shipping charges (transportation in) on merchandise purchased for resale, teras FOB shipping point. These costs are added to merchandise inventory. 12 Paid 58.45 postage to deliver a contract to a client 14 Reimbursed Adina Sharon, the manager. 566 for mileage on her car. 23 Paid a courier $20 to deliver merchandise sold to a customer, terus Fos destination 25 Paid $10.70 shipping charges (transportation-in) on merchandise purchased for resale, terns Foo shipping point. These costs are added to serchandise Inventory. 27 Paid $59 for postage expenses 28 The fund had 25.66 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 570 to a total of 5420 Bock 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 ON 0 o $ 4 % 5 08 N. 2 3 6 8 9 0 - w e r t Y u O S d f g h j K X C V b n m ? alt ctrl
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