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Assignment InstructionsNakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory.Feb 2Write a $400 check to establish a petty cash fund.Feb 5Purchased paper for the copier for $14.15 that is immediately used.Feb 9Paid $32.50 shipping charges (transportation in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory.Feb 12Paid $7.95 postage to deliver a contract to a clientFeb 14Reimbursed Adina Sharon, the manager, $68 for mileage on her car.Feb 20Purchased office paper for $67.77 that is immediately used.Feb 23Paid a courier $20 to deliver merchandise sold to a customer, terms FOB destination.Feb 25Paid $13.10 shipping charges (transportation in) on merchandise purchased for resale, terms FOB shipping point. These cost are added to merchandise inventory.Feb 27Paid $54 for postage expensesFeb 28The fund had $120.42 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.Feb 28The petty cash fund amount is increased by $100 to a total of $500

The Summary Paper is based on Case Study #3, Turnaround and Transformation: Leadership and Risk at the Boston Institute of Contemporary Art. Case Study #3.pdfWrite a summary of approximately 500 words (or 2 pages), according to the handout below. This includes avoiding plagiarism by appropriately paraphrasing -- please try to avoid quotations for this assignment -- and using APA in-text