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The foWlowing informetion applies to the questions displayed below Nakashima Gallery had the following petty cash transactions in February of the current year Feb. 2
The foWlowing informetion applies to the questions displayed below Nakashima Gallery had the following petty cash transactions in February of the current year Feb. 2 Wrote a $350 check, cashed It and gave the proceeds and the peny cashbox to Chioe Addlson, the petty cashier 5 Purchased bond paper for the copter for $15 55 thet is mmedianety used 9 Pad S3450 shipping cha es on merchandise puchased "esale, terms F st ppr por t Nako na uses the perpetual system to account for merchandise inven 12 Paid $8 05 postage to express mail a contract to a client. 14 Rembursed Acina Sharon, the manager, $75 for business mileage on her cer 20 Purchased stetonery for $6777 that s immediately used 23 Paid a couner $20 to deliver merchandise soid to a customer, terms FOB destination 25 Pald $10 50 COD shipping cherges on merchandise purchesed for resale, terms FOB shipping point 27 Paid $52 for postage expenses 28 The fund hed $26 20 remaning in the petty cash box Sorted the pety cash receipts by accounts offected and exchanged them for a check to resmburse the fund for expendtures 28 The petty cash fund emount is increosed by $60 to s tosal of $430 7. 1000 points Required: 1. Prepare the journal entry to establish the petty cash fund View transaction list 2. Prepare a petty cash payments repot for February with these categones, delivery expense, mieage expense. Sort the payments into the appropriate categones and total the expenditures in each c expense, postage expense, merchandise inventory (for transportation-in), and ofice anegory Round your answers to 2 decimal places.) Delivery expense Mileage expense Postage expense Merchandise inventory transportation in Office suppies expense Total 3. Prepare the journal entries for part 2 to both (a) reimburse and (b) increase the fund amount (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet Record the reimbursement of the petty cash fund Note: Enter debits before credits Feb 28
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