Lewis Co. 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 $550 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. a. Paid $190 for janitorial services. b. Paid $142 for miscellaneous expenses. e. Paid postage expenses of $95. d. Paid $47 to Facebook for advertising expense. e. Counted $87 remaining in the petty cash box. May 16 Prepared a company check for $250 to increase the fund to $800. May 31 The petty cashier reports that $320 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. f. Paid postage expenses of $280. g. Reimbursed the office manager for business mileage, $140. h. Paid $46 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 $200, leaving a total of $600. Requirement General Journal General Ledger Trial Balance Impact on Income General Journal tab - Prepare the necessary journal entries. General Ledger and Trial balance tabs -Review the general ledger and trial balance tabs. Impact on Net Income tab - Calculate the impact each entry had on net income, if any.
Lewis Co. 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 $550 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. a. Paid $190 for janitorial services. b. Paid $142 for miscellaneous expenses. e. Paid postage expenses of $95. d. Paid $47 to Facebook for advertising expense. e. Counted $87 remaining in the petty cash box. May 16 Prepared a company check for $250 to increase the fund to $800. May 31 The petty cashier reports that $320 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. f. Paid postage expenses of $280. g. Reimbursed the office manager for business mileage, $140. h. Paid $46 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 $200, leaving a total of $600. Requirement General Journal General Ledger Trial Balance Impact on Income General Journal tab - Prepare the necessary journal entries. General Ledger and Trial balance tabs -Review the general ledger and trial balance tabs. Impact on Net Income tab - Calculate the impact each entry had on net income, if any.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:28
Lewis Co. 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 $550 to establish the petty cash fund.
May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1.
a. Paid $190 for janitorial services.
b. Paid $142 for miscellaneous expenses.
c. Paid postage expenses of $95.
d. Paid $47 to Facebook for advertising expense.
e. Counted $87 remaining in the petty cash box.
May 16 Prepared a company check for $250 to increase the fund to $800.
May 31 The petty cashier reports that $320 cash remains in the fund. A company check is drawn to
replenish the fund for the following expenditures made since May 15.
f. Paid postage expenses of $280.
g. Reimbursed the office manager for business mileage, $140.
h. Paid $46 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
$200, leaving a total of $600.
Requirement
General
Journal
General
Ledger
Trial Balance
Impact on
Income
General Journal tab - Prepare the necessary journal entries.
General Ledger and Trial balance tabs -Review the general ledger and trial balance tabs.
Impact on Net Income tab - Calculate the impact each entry had on net income, if any.
Requirement
General Journal >
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