Required: 1. Prepare the journal entry to establish the petty cash fund. 2. Prepare a petty...

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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. Required 1 Required 2 Required 3 Prepare the journal entries for required 2 to both (a) reimburse and (b) increase the fund amount. Note: Round your answers to 2 decimal places. View transaction list Journal entry worksheet 1 2 Record the reimbursement of the petty cash fund. Note: Enter debits before credits. Date February 28 General Journal Debit Credit Record entry Clear entry View general journal 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 $350 check to establish a petty cash fund. February 5 Purchased paper for the copier for $14.55 that is immediately used. February 9 Paid $38.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. February 12 Paid $8.05 postage to deliver a contract to a client. February 14 Reimbursed Adina Sharon, the manager, $67 for mileage on her car. February 20 Purchased office paper for $67.77 that is immediately used. February 23 Paid a courier $24 to deliver merchandise sold to a customer, terms FOB destination. February 25 Paid $10.80 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. February 27 Paid $55 for postage expenses. February 28 The fund had $21.47 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 increased by $140 to a total of $490. 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. Required 1 Required 2 Required 3 Prepare the journal entry to establish the petty cash fund. View transaction list Journal entry worksheet 1 Wrote a $350 check to establish a petty cash fund. Note: Enter debits before credits. Date February 02 General Journal Debit Credit Record entry Clear entry View general journal 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. Required 1 Required 2 Required 3 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. Note: Round your answers to 2 decimal places. NAKASHIMA GALLERY Petty Cash Payments Report (for February) Delivery expense Mileage expense Postage expense Merchandise inventory (transportation-in) Office supplies expense Total 0.00 0.00 0.00 Nolan Company's cash account shows a $22,906 debit balance and its bank statement shows $21,905 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,068. b. The June 30 bank statement lists $40 in bank service charges; the company has not yet recorded the cost of these services. c. In reviewing the bank statement, a $90 check written by the company was mistakenly recorded in the company's books as $99. d. June 30 cash receipts of $3,064 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. e. The bank statement included a $26 credit for interest earned on the company's cash in the bank. The company has not yet recorded interest earned. Prepare a bank reconciliation using the above information. Bank statement balance Add: Deduct: NOLAN COMPANY Bank Reconciliation June 30 0 0 Book balance Add: Deduct: 0 0 0 0 Adjusted bank balance $ 0 Adjusted book balance $ 0 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. Required 1 Required 2 Required 3 Prepare the journal entries for required 2 to both (a) reimburse and (b) increase the fund amount. Note: Round your answers to 2 decimal places. View transaction list Journal entry worksheet 1 2 Record the reimbursement of the petty cash fund. Note: Enter debits before credits. Date February 28 General Journal Debit Credit Record entry Clear entry View general journal 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 $350 check to establish a petty cash fund. February 5 Purchased paper for the copier for $14.55 that is immediately used. February 9 Paid $38.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. February 12 Paid $8.05 postage to deliver a contract to a client. February 14 Reimbursed Adina Sharon, the manager, $67 for mileage on her car. February 20 Purchased office paper for $67.77 that is immediately used. February 23 Paid a courier $24 to deliver merchandise sold to a customer, terms FOB destination. February 25 Paid $10.80 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. February 27 Paid $55 for postage expenses. February 28 The fund had $21.47 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 increased by $140 to a total of $490. 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. Required 1 Required 2 Required 3 Prepare the journal entry to establish the petty cash fund. View transaction list Journal entry worksheet 1 Wrote a $350 check to establish a petty cash fund. Note: Enter debits before credits. Date February 02 General Journal Debit Credit Record entry Clear entry View general journal 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. Required 1 Required 2 Required 3 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. Note: Round your answers to 2 decimal places. NAKASHIMA GALLERY Petty Cash Payments Report (for February) Delivery expense Mileage expense Postage expense Merchandise inventory (transportation-in) Office supplies expense Total 0.00 0.00 0.00 Nolan Company's cash account shows a $22,906 debit balance and its bank statement shows $21,905 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,068. b. The June 30 bank statement lists $40 in bank service charges; the company has not yet recorded the cost of these services. c. In reviewing the bank statement, a $90 check written by the company was mistakenly recorded in the company's books as $99. d. June 30 cash receipts of $3,064 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. e. The bank statement included a $26 credit for interest earned on the company's cash in the bank. The company has not yet recorded interest earned. Prepare a bank reconciliation using the above information. Bank statement balance Add: Deduct: NOLAN COMPANY Bank Reconciliation June 30 0 0 Book balance Add: Deduct: 0 0 0 0 Adjusted bank balance $ 0 Adjusted book balance $ 0

Answer rating: 100% (QA)

ANSWER Solution 1 Date General Journal Debit Credit Feb02 Petty cash 350 Cash 350 2 NA... View the full answer