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i secure https://newconnect.mheducation.com/flow/connect.htmlisReg=true&retumUrl; = https%3A%2F%2Fconnect.mheducation.com%2Fpaamweb%2Findex.htm %239 2 Fregistration%2Fsignup%25m-ghat nan sp 1 8-a 7 Wrote a $400 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier 5 Purchased bond paper for the copier for $14.15 that is inmediately used 9 Paid $32.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashina uses the perpetual system to account for merchandise inventory 12 Paid $7.95 postage to express mail a contract to a client 14 Reimbursed Adina Sharon, the manager, 568 for business mileage on her car 20 Purchased stationery for $67.77 that is immediately used 23 Paid a courier $20 to deliver merchandise sold to a customer, terms FOB destination 25 Paid $13.10 ??? shipping charges on merchandise purchased for resale, terns FOB shipping point 27 Paid $54 for postage expenses 28 The fund had $120.42 remaining in the petty cashbox. Sorted the petty cash receipts by accounts affected and exchanged them ea ire ieine u: 1 mil tey sta oints e ioat i for a check to reimburse the fund for expenditures 28 The petty cash fund anount is increased by $180 to a total of $500. 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. Sort the payments into the appropriate categories and total the expenditures in each category 3. Prepare the journal entries for required 2 to both (a) reimburse and (b) increase the fund amount Ask 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 NAKASHIMA GALLERY Petty Cash Payments Re port (forF Delivery expense Mileage expense Postage expense 0.00 inventory (t Office supplies expense 0.00 TotalExplanation / Answer
1
Prepare the Journal entry to establish petty cash fund
Date
General Journal
Debit
Credit
Feb-02
Petty cash
400
Cash
400
2
Prepare a petty cash payments report for febraury with the catagories
Nakashima Gallery
Petty cash Payments ( For february)
Date
$
$
Delivery expense
Feb-23
Delivery of customer mechandise
$20
Milege expense
Feb-14
Reimbursement for mileage
$68
Postage expense
Feb-12
Express delivery of contract
$7.95
Feb-27
Purchased postage stamps
$54
$61.95
Merchandise inventory (Transportation)
Feb-09
Cod charges on purhcases
$32.50
Feb-25
Cod charges on purhcases
$13.10
$45.60
Office supplies expense
Feb-05
Purchased paper for copier
$14.15
Feb-20
Purchased stationer
$67.77
$81.92
Total
$277.47
3
Prepare a journal entires for part 2 to both (a) remiburse (b) increase th fund amount
Date
General Journal
Debit
Credit
Feb-28
Mileage expense
$68
Merchandise inventory
$45.60
Delivery expense
$20
Office supplies expense
$81.92
Post expense
$61.95
Cash over and short [400-$277.47-120.42]
$2.11
cash
$279.58
Feb-28
Petty cash
$100
cash
$100
1
Prepare the Journal entry to establish petty cash fund
Date
General Journal
Debit
Credit
Feb-02
Petty cash
400
Cash
400
2
Prepare a petty cash payments report for febraury with the catagories
Nakashima Gallery
Petty cash Payments ( For february)
Date
$
$
Delivery expense
Feb-23
Delivery of customer mechandise
$20
Milege expense
Feb-14
Reimbursement for mileage
$68
Postage expense
Feb-12
Express delivery of contract
$7.95
Feb-27
Purchased postage stamps
$54
$61.95
Merchandise inventory (Transportation)
Feb-09
Cod charges on purhcases
$32.50
Feb-25
Cod charges on purhcases
$13.10
$45.60
Office supplies expense
Feb-05
Purchased paper for copier
$14.15
Feb-20
Purchased stationer
$67.77
$81.92
Total
$277.47
3
Prepare a journal entires for part 2 to both (a) remiburse (b) increase th fund amount
Date
General Journal
Debit
Credit
Feb-28
Mileage expense
$68
Merchandise inventory
$45.60
Delivery expense
$20
Office supplies expense
$81.92
Post expense
$61.95
Cash over and short [400-$277.47-120.42]
$2.11
cash
$279.58
Feb-28
Petty cash
$100
cash
$100
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