GL0601 (Algo) - Based on Problem 6-2A LO P2 Carter Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May. May 1 Prepared a company check for $500 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. May 15 a. Paid $177 for janitorial services. May 15 b. Paid $133 for miscellaneous expenses. May 15 c. Paid postage expenses of $89. May 15 d. Paid $44 to Facebook for advertising expense. May 15 e. Counted $65 remaining in the petty cash box. May 16 Prepared a company check for $200 to increase the fund to $700. May 31 The petty cashier reports that $280 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. May 31 f. Paid postage expenses of $246. May 31 g. Reimbursed the office manager for business mileage, $123. May 31 h. Paid $41 to deliver merchandise to a customer, terms FOB destination. May 31 The company decides that the May 16 increase in the fund was too large. It reduces the fund by $160, leaving a total of $540. Requirement General Ledger Prepare the journal entries for each of the petty cash transactions. No 1 2 3 4 5 General Journal Date May 01 May 15 May 16 May 31 May 31 Petty cash Cash Janitorial expenses Miscellaneous expenses Postage expenses Advertising expense Cash Cash over and short Petty cash Cash Postage expenses Mileage expense Delivery expense Sales Cash Answer is not complete. Petty cash Trial Balance Impact on Income Account Title Requirement General Ledger ✓ ♥ ✔ ♥ ✔ ✓ ✔ ✓ ●● ●**00 Debit 500✔ ›››› 177 133✔ 89✔ 44✔ 200✔ ››› 246✔✔ 123 41✔ Credit 500✔ 378 X 378 x 200✔
GL0601 (Algo) - Based on Problem 6-2A LO P2 Carter Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May. May 1 Prepared a company check for $500 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. May 15 a. Paid $177 for janitorial services. May 15 b. Paid $133 for miscellaneous expenses. May 15 c. Paid postage expenses of $89. May 15 d. Paid $44 to Facebook for advertising expense. May 15 e. Counted $65 remaining in the petty cash box. May 16 Prepared a company check for $200 to increase the fund to $700. May 31 The petty cashier reports that $280 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. May 31 f. Paid postage expenses of $246. May 31 g. Reimbursed the office manager for business mileage, $123. May 31 h. Paid $41 to deliver merchandise to a customer, terms FOB destination. May 31 The company decides that the May 16 increase in the fund was too large. It reduces the fund by $160, leaving a total of $540. Requirement General Ledger Prepare the journal entries for each of the petty cash transactions. No 1 2 3 4 5 General Journal Date May 01 May 15 May 16 May 31 May 31 Petty cash Cash Janitorial expenses Miscellaneous expenses Postage expenses Advertising expense Cash Cash over and short Petty cash Cash Postage expenses Mileage expense Delivery expense Sales Cash Answer is not complete. Petty cash Trial Balance Impact on Income Account Title Requirement General Ledger ✓ ♥ ✔ ♥ ✔ ✓ ✔ ✓ ●● ●**00 Debit 500✔ ›››› 177 133✔ 89✔ 44✔ 200✔ ››› 246✔✔ 123 41✔ Credit 500✔ 378 X 378 x 200✔
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:GL0601 (Algo) - Based on Problem 6-2A LO P2
Carter Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund
occurred in May.
May 1 Prepared a company check for $500 to establish the petty cash fund.
May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1.
May 15 a. Paid $177 for janitorial services.
May 15 b. Paid $133 for miscellaneous expenses.
May 15 c. Paid postage expenses of $89.
May 15 d. Paid $44 to Facebook for advertising expense.
May 15 e. Counted $65 remaining in the petty cash box.
May 16 Prepared a company check for $200 to increase the fund to $700.
May 31 The petty cashier reports that $280 cash remains in the fund. A company check is drawn to replenish the fund for
the following expenditures made since May 15.
May 31 f. Paid postage expenses of $246.
May 31 g. Reimbursed the office manager for business mileage, $123.
May 31 h. Paid $41 to deliver merchandise to a customer, terms FOB destination.
May 31 The company decides that the May 16 increase in the fund was too large. It reduces the fund by $160, leaving a
total of $540.
Requirement
General
Ledger
Prepare the journal entries for each of the petty cash transactions.
No
1
2
3
4
5
Date
May 01
General
Journal
May 15
May 16
May 31
May 31
Petty cash
Cash
Janitorial expenses
Miscellaneous expenses
Postage expenses
Advertising expense
Cash
Cash over and short
Petty cash
Cash
Postage expenses
Mileage expense
Delivery expense
Sales
Cash
Answer is not complete.
Petty cash
Trial Balance
Impact on
Income
Account Title
< Requirement
›› ›››
✓
✓
✓
✓
✓
✓
Ⓡ
General Ledger >
Debit
500✔
177 ✔
133✔
89✔
44✓
3
200✔
246✔✓
123✔
41✓
Credit
500✔
378 X
378 X
200
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education