Accounting Petty Cash Fund Journal

Description

Assignment Instructions

Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory.

Feb 2

Write a $400 check to establish a petty cash fund.

Feb 5

Purchased paper for the copier for $14.15 that is immediately used.

Feb 9

Paid $32.50 shipping charges (transportation in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory.

Feb 12

Paid $7.95 postage to deliver a contract to a client

Feb 14

Reimbursed Adina Sharon, the manager, $68 for mileage on her car.

Feb 20

Purchased office paper for $67.77 that is immediately used.

Feb 23

Paid a courier $20 to deliver merchandise sold to a customer, terms FOB destination.

Feb 25

Paid $13.10 shipping charges (transportation in) on merchandise purchased for resale, terms FOB shipping point. These cost are added to merchandise inventory.

Feb 27

Paid $54 for postage expenses

Feb 28

The fund had $120.42 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.

Feb 28

The petty cash fund amount is increased by $100 to a total of $500.

Do you have a similar assignment and would want someone to complete it for you? Click on the ORDER NOW option to get instant services at EssayBell.com

Do you have a similar assignment and would want someone to complete it for you? Click on the ORDER NOW option to get instant services at EssayBell.com. We assure you of a well written and plagiarism free papers delivered within your specified deadline.