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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✔

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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
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