Nakashima gallery had the following petty cash

Assignment Help Cost Accounting
Reference no: EM13900680

Nakashima Gallery had the following petty cash transactions in February of the current year. Feb. 2 Wrote a $ 400 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 $ 14.15 that is immediately used. 9 Paid $ 32.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the perpetual system to account for merchandise inventory. 
12 Paid $ 7.95 postage to express mail a contract to a client. 14 Reimbursed Adina Sharon, the manager, $ 68 for business mileage on her car. 
20 Purchased stationery for $ 67.77 that is immediately used. 
23 Paid a courier $ 20 to deliver merchandise sold to a customer, terms FOB destination. 25 Paid $ 13.10 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. 
27 Paid $ 54 for postage expenses.
28 The fund had $ 120.42 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 $ 100 to a total of $ 500. 

Required:
1. Prepare the journal entry to establish the petty cash fund. 
2. 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. 
3. Prepare the journal entries (in dollars and cents) for part 2 to both (a) Reimburse 
(b) Increase the fund amount.

Reference no: EM13900680

Questions Cloud

Create a list of three best practices recruiters should use : Create a list of three best practices recruiters should use when screening potential candidates for a HR management position. Justify your selections
Tragedy of the commons : As a writing project, please look up "the tragedy of the commons" but specifically for the purpose of finding a critique of what you think it means to you.
How real wage affected by a increase in level of technology : What happens to the labor demand curve if the level of technology improves? (Hint: What happens to MPL when technology improves?) Explain. How is the real wage af- fected by an increase in the level of technology?
Discuss the underpinnings of defensive medicine : Explore and define telemedicine and telehealth and the associated concerns and benefits. Identify and discuss the underpinnings of defensive medicine and their influence on healthcare delivery
Nakashima gallery had the following petty cash : Nakashima Gallery had the following petty cash transactions in February of the current year. Feb. 2 Wrote a $ 400 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier.
Task of developing a program to educate schools : As the Information Officer of your department, your Chief has assigned you the task of developing a program to educate schools, civic organizations, and other municipal agencies on the positive role the fire department plays in the community. Expl..
Derive the aggregate supply curve : Derive the aggregate supply curve (that is, the relation between the price level and the level of output, given the markup, the actual and expected levels of productivity, the labor force, and the expected price level). Explain the role of each va..
Needs of small town environment and economy : How would key city council figures balance the needs of small town's environment and economy? (200 words) What are the key principles required to reach sustainability? (200 words)
What is the impact of emi on fiber optic cables? : What is the impact of EMI on fiber optic cables?

Reviews

Write a Review

Cost Accounting Questions & Answers

  Cost accounting assignment

Evaluate Method of measuring costs associated with production, budgeting process, normal job-order costing system , master budget, cycle time.

  Prepare the journal entries

Prepare the journal entries to record the bond issue and interest expense.

  Advise as to the liability of all the parties

Write a report on given case study and Advise as to the liability of ALL the parties both under common law and the Corporations Law.

  Prepare revenues budget

Prepare Revenues budget and Production budget in units

  Effect of exchange rate changes on cash and cash

Effect of exchange rate changes on cash and cash

  Corporate governance

You are to reflect on how this case of China Sky relates to what the arguments for and against allowing audit firm partners and/or employees to join audit committees.

  Cost-benefit analysis

A cost-benefit analysis of electronic medical records in primary care

  Non-annual interest rates and annuities

Theory of Interest- Non-annual interest rates and annuities

  Job costing in service organizations

How is job costing in service organizations different from job costing in manufacturing environments?

  Accounting for bad debt expense

Accounting for bad debt expense

  Accounting and partnership problems

Accounting and Partnership problems

  Development of relevant cash flows

Development of relevant cash flows - Cost estimating and financial analysis

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd