Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

theres three parts to this Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to

theres three parts to this
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory. February 2 wrote a $340 check to establinh a petty cash fund. February 5 Purchased paper for the copier for $15.15 that is immediately used. Pebruary 9 Paid $34.50 shipping eharges (transportation-in) on nerchandise purchased for resale, terms Fos ahippiag point. These costs are added to nerehandise inveatory. February 12 Paid $8.35 postage to deliver a contract to a client. February 14 Reimbursed Adina sharon, the manager, $66 for aileage on her car. February 20 purehased office paper for $68.77 that is inmediately used. February 23 Paid a eourier $16 to deliver merchandise sold to a custoner, terms Fon destination. February 25 Paid $10.30 shipping charges (transportation-in) on merchandise purchased for resale, teras ros shipping poTnt. These cests are added to merehandise inventory. February 27 Paid $54 for postage expenses. February 28 The fund had $25.63 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. February 28 The petty cash fund amount is inereased 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 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. Prepare the journal entry to establish the petty cash fund Journal entry worksheet Wrote a $340 check to establish a petty cash fund. Note: Enter debits before credits. 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. (Round your answers to 2 decima! places.) Complete this question by entering your answers in the tabs below. Prepare the journal entries for required 2 to both (a) reimburse and (b) increase the fund amount. (Round your answers to 2 decimal placesi) Journal entry worksheet 2 Record the reimbursement of the petty cash fund. Notei Enter deb-ts before ciedis Prepare the journal entries for required 2 to both (a) reimburse and (b) increase the fund amount. (Round x places.) Journal entry worksheet Note: Enter debits before credits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

ISE Managerial Accounting For Manager

Authors: Eric Noreen, Peter C. Brewer, Ray H. Garrison

6th Edition

1265118434, 9781265118433

More Books

Students also viewed these Accounting questions

Question

Why does water vapor in the air condense when the air is chilled?

Answered: 1 week ago

Question

What should Gail do now?

Answered: 1 week ago