Question: Help and need the work for the math Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the




Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise Inventory Feb. 2 Wrote a $350 check to establish a petty cash fund. 5 Purchased paper for the copier for $14.35 that is immediately used 9 Paid $42.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to serchandise inventory 12 Paid $8.15 postage to deliver a contract to a client. 14 Reimbursed Adina Sharon, the manager, 568 for mileage on her car 20 Purchased office paper for $68.77 that is imediately used. 23 Paid a courier $21 to deliver merchandise sold to a customer, terns FOB destination 25 Pald 512.10 shipping charges (transportation in) on merchandise purchased for resale, teres FOB shipping point. These costs are added to merchandise inventory 27 Paid $53 for postage expenses. 28. The fund had $21.90 rensining in the petty cashbox. Sorted the petty cash receipts by accounts affected and exchanged then for check to reimburse the fund for expenditures. 211 the petty cash fund mount is increased by $130 to a total of $10 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 entiles for required 2 to both (a) reimburse and (b) increase the fund amount Required 1 Required 2 Required 3 Prepare the journal entry to establish the petty cash fund. View transaction list Journal entry worksheet Journal entry worksheet 1 2 Record the reimbursement of the petty cash fund. Note: Enter debits before credits Date General Journal Debit Credit Feb 28 Record entry Clear entry View general journal Journal entry worksheet Record the increase of the petty cash fund. Note: Enter debits before credits. Date General Journal Debit Credit Feb 28 Record entry Clear entry View general Journal
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