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Chapter 8 Cash and Internal Controls Shelton Gallery had the following petty cash transactions in February of the current year. petty cashier Purchased bond paper
Chapter 8 Cash and Internal Controls Shelton Gallery had the following petty cash transactions in February of the current year. petty cashier Purchased bond paper for the copier for S10.13 that is immediately used. Fch Wrote a 5300 check, cashed it, and gave the proceeds and the petty cashbox to Bo Brown, the 9. Paid $22.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping SO Problem 8-3A Establish, reimburse, and norease petty cash P2 point, Shelton uses the perpetual system to account for merchandise inventory. 12 Paid $9.95 postage to express mail a contract to a client. 14 Reimbursed Alli Buck, the manager, SS8 for business mileage on her car. 20 Purchased stationery for $77.76 that is immediately used 23 Paid a courier S18 to deliver merchandise sold to a customer, torms FOB destination 23 Paid S15.10 COD shipping charges on merchandise purchased for resale, terms FOB shipping point 27 Paid S6 for postage expenses 28 The fund had $2123 remaining in the petty cash box. Sorted the petty cash receipts by accounts affected and exchanged them for a cheok to reimburse the fund for expenditures. 28 The petty cash fund amount is increased by $100 to a total of $400. 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 ex. pense, postage expense, merchandise inventory (for transportation-in), and office supplies expense. Son a book and stil tota a to Canh the payments into the appropriate categories and total the expenditures in each category. 3. Prepare the journal entries for part 2 to both (a) reimburse and (increase the fund amount
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