Item 2 Halifax Fitness Consulting completed the following petty cash transactions during February 2023: Feb. 2 Prepared a $4,110 cheque, cashed it, and gave the proceeds and the petty cash box to Nick Reed, the petty cashier. 5 Purchased paper for the copier, $247. 9 Paid $428 COD charges on merchandise purchased for resale. Assume Halifax Fitness Consulting uses the perpetual method to account for merchandise inventory. 12 Paid $196 postage to express mail a contract to a client. 14 Reimbursed Kim Marin, the manager of the business, $1,700 for business auto expenses. 20 Purchased stationery, $751. 23 Paid a courier $12 to deliver merchandise sold to a customer. 25 Paid $18 COD charges on merchandise purchased for resale. 28 Paid $22 for stamps. 28 Reed sorted the petty cash receipts by accounts affected and exchanged them for a cheque to reimburse the fund for expenditures. However, there was only $10 in cash in the fund. In addition, the size of the petty cash fund was increased to $9,600. Required: 1. Prepare a journal entry to record establishing the petty cash fund.
Item 2 Halifax Fitness Consulting completed the following petty cash transactions during February 2023: Feb. 2 Prepared a $4,110 cheque, cashed it, and gave the proceeds and the petty cash box to Nick Reed, the petty cashier. 5 Purchased paper for the copier, $247. 9 Paid $428 COD charges on merchandise purchased for resale. Assume Halifax Fitness Consulting uses the perpetual method to account for merchandise inventory. 12 Paid $196 postage to express mail a contract to a client. 14 Reimbursed Kim Marin, the manager of the business, $1,700 for business auto expenses. 20 Purchased stationery, $751. 23 Paid a courier $12 to deliver merchandise sold to a customer. 25 Paid $18 COD charges on merchandise purchased for resale. 28 Paid $22 for stamps. 28 Reed sorted the petty cash receipts by accounts affected and exchanged them for a cheque to reimburse the fund for expenditures. However, there was only $10 in cash in the fund. In addition, the size of the petty cash fund was increased to $9,600. Required: 1. Prepare a
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