Problem 8-3A Establishing, reimbursing, and increasing petty cash LO P2 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 $15.55 that is imediotely used. 9 Paid \$38.50 shipping charges (transportation-in) on merchandise purchased for resale, teras for shipping point. These costs are added to merchandise inventory. 12 Paid 58.35 postage to deliver a contract to a client. 14 Reimbursed Adina Sharon, the manager, $69 for mileage on her car. 20 Purchased office paper for $66.77 that is imnediately used. 23. Paid a courler $19 to deliver merchandise sold to a custoner, terns foo destination. 25 Pald s10.20 shipping charges (transportation-in) on merchandise purchased for resale, teras for shipping point, These costs are added to merchandise inventory. 27 Paid $55 for postage expenses. 28 The fund had $22,11 reasining in the petty cashbox, Sorted the petty cash recelpts by accounts affected and exchanged them for a check to reinburse the fund for expenditures. 28 The petty cash fund anount is Increased by $120 to a total of $480. 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) remburse and (b) increase the fund amount: Prepare the joumal entry to establish the petty cash fundi. iummative Assessment [due Day 7] i Complete this question by entering your answers in the tabs below. Prepare the journal entry to establish the petty cash fund. Journal entry worksheet Wrote a $360 check to establish a petty cash fund. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. 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. (Round your answers to 2 decimal places.) Prepare the journal entries for required 2 to both (a) reimburse and (b) increase the fund am places.) Journal entry worksheet Record the reimbursement of the petty cash fund. Note: Enter debits before credits. Journal entry worksheet 1 Record the increase of the petty cash fund. Note: Enter debits before credits