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 |
| Font | 12 point , Calibri Font |
| Program/File Type | Submit in Excel |
| File Name | Lastname_firstname_A01_M7 Assignment |
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