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Book/movie review
22/08/2022
RPM Music Center had the following petty cash transactions in March of the current year:
March 5 Wrote a $200 check, cashed it, and gave the proceeds and the petty cashbox to Liz Buck, the petty cashier.
6 Paid $14.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. RPM uses the perpetual system to account for merchandise inventory.
11 Paid $8.75 delivery charges on merchandise sold to a customer, terms FOB destination.
12 Purchased file folders for $12.13 that are immediately used.
14 Reimbursed Will Nelson, the manager, $9.65 for office supplies purchased and used.
18 Purchased printer paper for $22.54 that is immediately used.
27 Paid $47.10 COD shipping charges on merchandise purchased for resale, terms FOB shipping point.
28 Paid postage expenses of $16.
30 Reimbursed Nelson $58.80 for business car mileage.
31 Cash of $11.53 remained in the fund. Sorted the petty cash receipts by accounts affected and exchanged them for a check to reimburse the fund for expenditures. The fund amount is also increased to $250.
Required
1. Prepare the journal entry to establish the petty cash fund.
2. Prepare a petty cash payments report for March 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 expenses in each category.
3. Prepare the journal entries for part 2 to both (a) reimburse and (b) increase the fund amount.
The writer is very fast, professional and responded to the review request fast also. Thank you.
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