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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

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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 2 Wrote a $340 check to establish a petty cash fund. February 5 Purchased paper for the copier for $14.75 that is immediately used. February 9 Paid $42.50 shipping charges (transportation-in) on merchandise purchased for resale, terms roe shipping point. These costs are added to merchandise inventory. February 12 Paid $7.95 pontage to deliver a contract to a client. February 14 Reimbursed Adina Sharon, the manager, $66 for mileage on her car. February 20 Purchased office paper for $68.77 that is immediately used. February 23 Paid a courier $17 to deliver merchandise sold to a customer, terma POD destination. February 25 paid $10.70 shipping charges (transportation-in) on merchandise purchased for resale, terns poB shipping point. These conta are added to merchandise inventory. February 27 Paid $59 for postage expenses. February 28 The fund had $21.63 remaining in the petty canhbox. Sorted the petty canh receipts by accounts affected and exchanged them for a check to reimburse the fund for expenditures. Pebruary 28 The petty cash tund amount is increased by sao to a total of $420. 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 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 Required 1 Required 2 Required 3 Prepare the journal entry to establish the petty cash fund. View transaction list Journal entry worksheet 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 1 2 > Record the reimbursement of the petty cash fund. Note: Enter debits before credits General Journal Date February 28 Debit Credit Record entry Clear entry View general Journal

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