So i am having to doing a transaction list and I have everything correct except for the cash over and short and cash on the picture below, I cannot seem to get the right answer and do not know what I am doing wrong
Feb. 2 Wrote a $340 check to establish a petty cash fund. 5 Purchased paper for the copier for $15.75 that is immediately used. 9 Paid $30.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. 12 Paid $8.45 postage to deliver a contract to a client. 14 Reimbursed Adina Sharon, the manager, $67 for mileage on her car. 20 Purchased office paper for $66.77 that is immediately used. 23 Paid a courier $23 to deliver merchandise sold to a customer, terms FOB destination. 25 Paid $12.00 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. 27 Paid $55 for postage expenses. 28 The fund had $23.38 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 $70 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. 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.) View transaction list View journal entry worksheet (x No Date General Journal Debit Credit 1 Feb 28 Mileage expense 67.00 Merchandise inventory 42.50 Delivery expense 23.00 Office supplies expense 82.52 Postage expense 63.45 Cash over and short Cash 2 Feb 28 Petty cash 70.00 Cash 70.00
