Question
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.
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 $16.15 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 $7.45 postage to express mail a contract to a client. | |||
14 | Reimbursed Adina Sharon, the manager, $70 for business mileage on her car. | |||
20 | Purchased stationery for $67.77 that is immediately used. | |||
23 | Paid a courier $21 to deliver merchandise sold to a customer, terms FOB destination. | |||
25 | Paid $11.70 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. | |||
27 | Paid $50 for postage expenses. | |||
28 | The fund had $25.39 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 $120 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. 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.
s. Prepare le jour de MLIES IUI Tequireu 2 LU DULI (d) lemuise alu () LedSe lle Tulu di TUIL Complete this question by entering your answers in the tabs below. points Required 1 Required 2 Required 3 Prepare the journal entry to establish the petty cash fund. eBook View transaction list Print Journal entry worksheet Wrote a $340 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier. Note: Enter debits before credits. Date General Journal Debit Credit Feb 02 Record entry Clear entry View general journal Required 1 Required 2 > 3. Prepare le jour de les Torrequieu 2 LU UULIT (d) lembut dnu (D) Ledse lle Tulu di UNIL Complete this question by entering your answers in the tabs below. points 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.) eBook NAKASHIMA GALLERY Petty Cash Payments Report (for February) Delivery expense Mileage expense Postage expense Merchandise inventory (transportation-in) 0.00 Office supplies expense 0.00 Total Required 1 Required 3 > s. Prepare le jour de MLIES IUI Tequireu 2 LU DULI (d) lemuise alu () LedSe lle Tulu di TUIL Complete this question by entering your answers in the tabs below. points 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.) eBook View transaction list View journal entry worksheet Print No Date General Journal Debit Credit
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