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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. Feb.

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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. Feb. 2 wrote a $360 check to establish a petty cash fund. 5 Purchased paper for the copier for $15.75 that is immediately used. 9 Paid $44.50 shipping charges transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. 12 Paid $7.55 postage to deliver a contract to a client. 14 Reimbursed Adina Sharon, the manager, $71 for mileage on her car. 20 Purchased office paper for $69.77 that is immediately used. 23 Paid a courier $24 to deliver merchandise sold to a customer, terms FOB destination. 25 Paid $11.30 shipping charges (transportation-in) on merchandise purchased for resale, terns yoB shipping point. These costs are added to merchandise inventory. 27 Paid $59 for postage expenses. 28 The fund had $26.15 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 $50 to a total of $410. 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 Required 1 Required 2 Required 3 Prepare the journal entry to establish the petty cash fund. View transaction list ok Journal entry worksheet mt Required 1 Required 2 Required 3 Prepare the journal entries for retequired 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 Feb 28 Debit Credit View transaction list Journal entry worksheet 1 2 es Record the ingrease of the petty cash fund. Note: Enter debits before credits Date General Journal Debit Credit Feb 28 Record entry Clear entry View general journal

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