ACCOUNTING-Nakashima Gallery had the following petty cash transactions
QUESTION
Nakashima Gallery had the following petty cash transactions in February of the current year.Feb.2Wrote a $350 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier.5Purchased bond paper for the copier for $14.55 that is immediately used.9Paid $34.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the perpetual system to account for merchandise inventory.12Paid $7.95 postage to express mail a contract to a client.14Reimbursed Adina Sharon, the manager, $71 for business mileage on her car.20Purchased stationery for $68.77 that is immediately used.23Paid a courier $21 to deliver merchandise sold to a customer, terms FOB destination.25Paid $12.00 COD shipping charges on merchandise purchased for resale, terms FOB shipping point.27Paid $58 for postage expenses.28The fund had $23.45 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.28The petty cash fund amount is increased by $70 to a total of $420.Prepare the journal entry to establish a petty cash fund
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