Answer:
(‘1)
Date Account Details Debit Credit
Feb 2 Petty Cash 400
Cash 400
Petty cash fund established
(‘2) Nakashima Gallery - Petty Cash Reconciliation Report for the month of February
Custodian Name- Chole Addison
Date Expense Description Amount ($)
Feb 5 Office Supplies Bond paper for copier 14.15
Feb 9 Merchandise Inventory Shipping charges as per
FOB shipping point term 32.50
Feb 12 Postage Expense Paid towards express mail for
communication with client 7.95
Feb 14 Mileage Expense Paid to Adina Sharon for
reimbursement of mileage expense 68
Feb 20 Office Supplies Stationery purchased 67.77
Feb 23 Delivery Expense Courier charges paid as per
FOB destination term for sale of merchandise 20
Feb 25 Merchandise Inventory Shipping charges as per
FOB shipping point term 13.10
Feb 27 Postage expense Postage expenses paid 54
Total Receipts to be reimbursed (a) 277.47
Total Cash on Hand 120.42
Total Cash and Receipts 397.89
Cash Short ( 400-397.89) (b) 2.11
Total to be replenished (a+b) 279.58
Please issue a cheque in the amount of $ 279.58 payable to petty cash custodians.
Sorting of Expense
Expense Amount
Delivery Expense 20
Merchandise Inventory 45.60
Mileage Expense 68
Office Supplies 81.92
Postage 61.95
Total 277.47
(‘3)
Date Account Details Debit Credit
Feb 28
Delivery Expense 20
Merchandise Inventory 45.60
Mileage Expense 68
Office Supplies 81.92
Postage 61.95
Cash Short and Over 2.11
Cash 279.58
To record the replenish of petty cash
Feb 28 Petty Cash 100
Cash 100
To record the increase in petty cash level up to $ 500.
