Nakashima Gallery had the following petty cash transactions in February of the current year. Feb. 2 Wrote a $340 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 $16.55 that is immediately used. 9 Paid $44.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the perpetual system to account for merchandise inventory. 12 Paid $8.75 postage to express mail a contract to a client. 14 Reimbursed Adina Sharon, the manager, $74 for business mileage on her car. 20 Purchased stationery for $68.77 that is immediately used. 23 Paid a courier $23 to deliver merchandise sold to a customer, terms FOB destination. 25 Paid $11.10 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. 27 Paid $51 for postage expenses. 28 The fund had $22.81 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 $70 to a total of $410. Prepare the journal entries for part 2 to both (a) reimburse and (b) increase the fund amount. (Round your answers to 2 decimal places.)
Nakashima Gallery had the following petty cash transactions in February of the current year. Feb. 2 Wrote a $340 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 $16.55 that is immediately used. 9 Paid $44.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the perpetual system to account for merchandise inventory. 12 Paid $8.75 postage to express mail a contract to a client. 14 Reimbursed Adina Sharon, the manager, $74 for business mileage on her car. 20 Purchased stationery for $68.77 that is immediately used. 23 Paid a courier $23 to deliver merchandise sold to a customer, terms FOB destination. 25 Paid $11.10 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. 27 Paid $51 for postage expenses. 28 The fund had $22.81 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 $70 to a total of $410. Prepare the journal entries for part 2 to both (a) reimburse and (b) increase the fund amount. (Round your answers to 2 decimal places.)
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 8SEB: JOURNALIZING CASH RECEIPTS Enter the following transactions in a general journal:
Related questions
Question
| Nakashima Gallery had the following petty cash transactions in February of the current year. |
| Feb. | 2 |
Wrote a $340 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 $16.55 that is immediately used. |
||
| 9 |
Paid $44.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the perpetual system to account for merchandise inventory. |
||
| 12 |
Paid $8.75 postage to express mail a contract to a client. |
||
| 14 |
Reimbursed Adina Sharon, the manager, $74 for business mileage on her car. |
||
| 20 |
Purchased stationery for $68.77 that is immediately used. |
||
| 23 |
Paid a courier $23 to deliver merchandise sold to a customer, terms FOB destination. |
||
| 25 |
Paid $11.10 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. |
||
| 27 | Paid $51 for postage expenses. | ||
| 28 |
The fund had $22.81 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 $70 to a total of $410. |
|
Prepare the |
- Record the reimbursement of the petty cash fund.
- Record the increase of the petty cash fund.
Follow picture
Transcribed Image Text:Journal entry worksheet
of 3
2.
Record the reimbursement of the petty cash fund.
k
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
ces
Feb 28
Record entry
Clear entry
View general journal
イ
身
Transcribed Image Text:Required information
Journal entry worksheet
1
Record the increase of the petty cash fund.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Feb 28
Clear entry
View general journal
Record entry
2.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage