(Solved): Nakashima Gallery had the following petty cash transactions in February of the current year. Nakas ...

Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise Inventory. Feb. 2 Wrote a \( \$ 369 \) check to establish a petty cash fund. 5 Purchased paper for the copier for \( \$ 16.15 \) that is immediately used. 9 Paid \( \$ 42.50 \) shipping charges (transportation-in) on merchandise purchased for resale, terms foB shipping point. These costs are added to merchandise inventory. 12 Paid \( \$ 8.35 \) postage to deliver a contract to a client. 14 Reimbursed Adina Sharon, the manager, \( \$ 67 \) for mileage on her car. 20 Purchased office paper for \( \$ 68.77 \) that is immediately used. 23 Paid a courier \( \$ 23 \) to deliver merchandise sold to a customer, terms foB destination. 25 Paid \$11.90 shipping charges (transportation-in) on merchandise purchased for resale, terms foB shipping point. These costs are added to merchandise inventory. 27 Paid \( \$ 58 \) for postage expenses. 28 The fund had \( \$ 21.58 \) remaining in the petty cashbox. 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 \( \$ 1 \theta 0 \) to a total of \( \$ 460 . \) Required: 1. Prepare the joumal entry to establish the petty cash fund. 2. Prepare a petty cash payments report for February with these categorles: dellvery expense, mileage expense, postage expense, merchandise Inventory (for transportation-In), and office supplies expense. 3. Prepare the journal entrles for required 2 to both (a) relmburse and (b) Increase the fund amount. Complete this question by entering your answers in the tabs below. 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. (Round your answers to 2 decimal