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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. Feb.

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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. Feb. 2 Wrote a $340 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 $15.35 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 $8.75 postage to express mail a contract to a client. 14 Reimbursed Adina Sharon, the manager, $68 for business mileage on her car. 20 Purchased stationery for $68.77 that is immediately used. 23 Paid a courier $24 to deliver merchandise sold to a customer, terms FOB destination. 25 Paid $11.90 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. 27 Paid $60 for postage expenses. 28 The fund had $21.65 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 $60 to a total of $400. 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.) No General Journal Credit Date Feb 28 1 Mileage expense Merchandise inventory Delivery expense Office supplies expense Postage expense Cash over and short Cash Debit 68.00 51.50 24.00 84.12 68.75 21.90 318.35 N Feb 28 60.00 Petty cash Cash 60.00

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