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Question: Shelton Gallery had the following petty cash transactions in February of the current year. Feb. 2 Wrote a $300 check, cashed it, and gave the proceeds and the petty cashbox to Bo Brown, the petty cashier. 5 Purchased bond paper for the copier for $10.13 that is immediately used. 9 Paid $22.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Shelton uses the perpetual system to account for merchandise inventory. 12 Paid $9.95 postage to express mail a contract to a client. 14 Reimbursed Alli Buck, the manager, $58 for business mileage on her car. 20 Purchased stationery for $77.76 that is immediately used. 23 Paid a courier $18 to deliver merchandise sold to a customer, terms FOB destination. 25 Paid $15.10 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. 27 Paid $64 for postage expenses. 28 The fund had $21.23 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 $400.
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 for part 2 to both (a) reimburse and (b) increase the fund amount.
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