on of fran Connect - Class: ACCTA 201 CHS Lecture PowerPoint Saved Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Help Save & Exit Sube Return to question 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 $350 check to establish a petty cash fund. 5 Purchased paper for the copier for $15.95 that is immediately used. 9 Paid $40.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. 12 Paid $8.65 postage to deliver a contract to a client. 14 Reimbursed Adina Sharon, the manager, $66 for mileage on her car. 20 Purchased office paper for $66.77 that 13 mmediately used. 23 Paid a courier $21 to deliver merchandise sold to a customer, terms FOB destination. 25 Paid $11.00 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. 27 Paid $50 for postage expenses. 28 The fund had $24.32 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 $110 to a total of $460. 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. Answer is not complete. Complete this question by entering your answers in the tabs below.