Nakashima Gallery had the following petty cash transactions in February of the current year. Feb. 2 wrote a $360 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier. 5 Purchased bond paper for the copier for $15.95 that is immediately used 9 Paid $40.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the perpetual system to account for merchandise inventory. 12 Paid $8.05 postage to express mail a contract to a client. 14 Reimbursed Adina Sharon, the manager, $72 for business mileage on her car. 20 Purchased stationery for $68.77 that is immediately used. 23 Paid a courier $17 to deliver merchandise sold to a customer, terms FOB destination. 25 Paid $11.10 COO shipping charges on merchandise purchased for resale, terms FOB shipping point. 27 Paid $55 for postage expenses. 28 The fund had $23.47 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 $130 to a total of $490. 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. 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 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 View journal entry worksheet Date General Journal Debit Credit Feb 02 Petty cash Cash Required 2 > 25 Paid $11.10 COO shipping charges on merchandise purchased for resale, terms FOB shipping point. 27 Paid $55 for postage expenses. 28 The fund had $23.47 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 anount is increased by $130 to a total of $490. 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. 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 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. Sort the payments into the appropriate categories and total the expenditures in each category. (Round your answers to 2 decimal places.) NAKASHIMA GALLERY Petty Cash Payments Report (for February) Delivery expense Feb 23 Delivery of customer's merchandise Mileage expense Feb 14 Reimbursement for mileage Postage expense Feb 12 Express delivery of contract s 8.05 Feb. 27 Purchased postage stamps 5500 Merchandise inventory (transportation in) Feb. 9 COD charges on purchases 4050 Feb 25 COD charges on purchases 11.10 Office supplies expense Feb. 5 Purchased paper for copier 1595 Feb 20 Purchased stationery 6877 Total 6305 51.60 BULLPOS 1 25 Paid $11.10 COO shipping charges on merchandise purchased for resale, terns FOB shipping point. 27 Paid $55 for postage expenses. 28 The fund had $23.47 remaining in the petty cash box. Sorted the petty cash receipts by accounts affected and exchanged then for a check to reimburse the fund for expenditures. 28 The petty cash fund amount is increased by $130 to a total of $490. 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. 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 Complete this question by entering your answers in the tabs below. 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 View journal entry worksheet Credit No 1 Date Feb 28 Debit 17.00 2 General Journal Delivery expense Mileage expense Postage expense Merchandise inventory Office supplies expense Cash over and short Cash 130.00 1 2 Feb 28 Petty cash Cash