Business, 07.11.2019 01:31, brattymoo1009
Nakashima gallery had the following petty cash transactions in february of the current year. feb. 2 wrote a $360 check to establish a petty cash fund. 5 purchased paper for the copier for $14.95 that is immediately used. 9 paid $40.50 shipping charges (transportation-in) on merchandise purchased for resale, terms fob shipping point. these costs are added to merchandise inventory. 12 paid $8.35 postage to deliver a contract to a client. 14 reimbursed adina sharon, the manager, $65 for mileage on her car. 20 purchased office paper for $68.77 that is immediately used. 23 paid a courier $17 to deliver merchandise sold to a customer, terms fob destination. 25 paid $10.20 shipping charges (transportation-in) on merchandise purchased for resale, terms fob shipping point. these costs are added to merchandise inventory. 27 paid $53 for postage expenses. 28 the fund had $24.36 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. 28 the petty cash fund amount is increased by $40 to a total of $400. 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.
Answers: 1
Business, 22.06.2019 16:20, milkshakegrande101
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Business, 22.06.2019 16:30, bedsaul12345
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Nakashima gallery had the following petty cash transactions in february of the current year. feb. 2...
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