Nakashima Gallery had the following petty cash transactions in February of the c

Question

Nakashima Gallery had the following petty cash transactions in February of the current year Feb. 2 Wrote a $350 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashler. 5 Purchased bond paper for the copier for $14.75 that is immediately used 9 Paid $40.50 cOD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the perpetual system to account for merchandise inventory 12 Paid $8.45 postage to express mail a contract to a client. 14 Reimbursed Adina Sharon, the manager, $73 for business mileage on her car. 20 Purchased stationery for $67.77 that is immediately used. 23 Paid a courier $17 to deliver merchandise sold to a customer, terms FOB destination 25 Paid $11.60 CoD shipping charges on merchandise purchased for resale, terms FOB shipping point. 27 Paid $51 for postage expenses 28 The fund had $23.05 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. 28 The petty cash fund amount is increased by $120 to a total of $470.

Explanation / Answer

Date General journal Debit Credit 28-Feb Delivery expense 17 Mileage expense 73 postage expense 59.45 merchandise inventory 52.1 office supplies expense 82.52 cash over and short 42.88 cash. (350-23.05) 326.95 28-Feb Petty cash 120 cash 120

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