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 a petty cash payments report for February with these categories: delivery expense, mileage expense, postage expense, merchandise inventory (for transportation-in), and office supplies expense. Sort the payments into the appropriate categories and total the expenditures in each category. (Round your answers to 2 decimal places.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 a petty cash payments report for February with these categories: delivery expense, mileage expense, postage expense, merchandise inventory (for transportation-in), and office supplies expense. Sort the payments into the appropriate categories and total the expenditures in each category. (Round your answers to 2 decimal places.)

**NAKASHIMA GALLERY**

**Petty Cash Payments Report (for February)**

| **Category** | **Amount** |
|--------------------------------------------------|------------|
| Delivery expense | |
| Mileage expense | |
| Postage expense | |
| Merchandise inventory (transportation-in) | |
| Office supplies expense | |
| **Total** | |

This table outlines the petty cash expenditures for Nakashima Gallery during the month of February. The categories listed include delivery, mileage, postage, merchandise inventory (transportation-in), and office supplies. Each entry has a corresponding amount section, which is currently unfilled. The table concludes with a row to calculate the total of all expenses.

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