Need help with this. Beard Gallery had the following petty cash transactions in

Question

Need help with this.

Beard Gallery had the following petty cash transactions in February of the current year: 2/2 Wrote a $300 check, cashed it, and gave the proceeds and the petty cashbox to Reggie Gore, the petty cashier.
2/5 Purchased bond paper for the copier that was immediately used for $14.55.

2/9 Paid $32.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Beard uses the perpetual system to account for merchandise inventory
2/12 Paid $7.85 postage to express mail a contract to a client.

2/14 Reimbursed Jonny Carr, the manager, $66 for business mileage on her car. 2/20 Purchased stationery that was immediately used for $67.67.
2/23 Paid a courier $23 to deliver merchandise sold to a customer, terms FOB destination.

2/25 Paid $10.30 COD shipping charges on merchandise purchased for resale, terms FOB shipping point.
2/27 Paid $55 for postage expenses.
2/28 The fund had $20.82 remaining in the petty cash box. Sorted the petty cash receipts by accounts affected and exchanged them for a check to reimburse the fund for expenditures.

2/28 The petty cash fund amount is increased by $100 to a total of $400.

Required

Prepare the journal entry to establish the petty cash fund.

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. Sort the payments into the appropriate categories and total the expenditures in each category. Round your answers to two decimal places. Omit the "$" sign in your response.

Prepare the journal entries for part 2 to both reimburse and increase the fund amount. Round your answers to two decimal places. Omit the "$" sign in your response.

Explanation / Answer

Beard Gallery All Amounts in $ Petty Cash Payments Report for February Date Particulars Debit Credit Delivery Expense 33.3 02-Feb Petty Cash A/c 300 Mileage Expense 66 To Cash A/c 300 Postage Expense 130.5 05-Feb Office Supplies Expense A/c 14.55 Transportation-In 32.5 To Petty Cash A/c 14.55 Office Supplies Expense 14.55 09-Feb Transportation-In A/c 32.5 276.9 To Petty Cash A/c 32.5 12-Feb Postage Expense A/c 7.85 To Petty Cash A/c 7.85 14-Feb Mileage Expense A/c 66 To Petty Cash A/c 66 20-Feb Postage Expense A/c 67.67 To Petty Cash A/c 67.67 23-Feb Delivery Expense A/c 23 To Petty Cash A/c 23 25-Feb Delivery Expense A/c 10.3 To Petty Cash A/c 10.3 27-Feb Postage Expense A/c 55 To Petty Cash A/c 55 28-Feb Petty Cash A/c 20.82 To Cash A/c 20.82 28-Feb Petty Cash A/c 100 To Cash A/c 100

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