Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following information applies to the questions displayed below.) Shelton Gallery had the following petty cash transactions In February of the current year. Feb. 2
The following information applies to the questions displayed below.) Shelton Gallery had the following petty cash transactions In February of the current year. Feb. 2 Wrote a $300 check, cashed It, and gave the proceeds and the petty cashbox to Bo Brown, the petty cashier. 5 Purchased bond paper for the copler for $10.13 that Is Immediately used. 9 Pald $22.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping polnt. Shelton uses the perpetual system to account for merchandise Inventory 12 Pald $9.95 postage to express mall a contract to a client. 14 Relmbursed Alli Buck, the manager, $58 for buslness mileage on her car 20 Purchased stationery for $77.76 that is Immedlately used 23 Pald a courler $18 to deliver merchandise sold to a customer, terms FOB destinatlon. 25 Pald $15.10 COD shipping charges on merchandise purchased for resale, terms FOB shlpping point. Pald $64 for postage expenses The fund had $21.23 remalning In the petty cash box. Sorted the petty cash recelpts by accounts affected and exchanged them for a check to relmburse the fund for expenditures. 27 28 28 The petty cash fund amount is Increased by $100 to a total of $400
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started