Question

The following information applies to the questions displayed below. Shelton Gallery had the following petty cash transactions in February of the current year. Feb. 2 Wrote a $350 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 $15.75 that is immediately used 9 Paid $38.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Shelton uses the perpetual system to account for merchandise inventory. 12 Paid $8.55 postage to express mail a contract to a client. 14 Reimbursed Alli Buck, the manager, $67 for business mileage on her car. 20 Purchased stationery for $6717 that is immediately used. 23 Paid a courier $25 to deliver merchandise sold to a customer, terms FOB destination 25 Paid $10.90 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Paid $53 for postage expenses. The fund had $24.82 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. 27 28 28 The petty cash fund amount is increased by $130 to a total of $480

Answer 1

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