NoDateGeneral JournalDebitCredit1May 01Petty cash300.00Cash300.00May 15Janitorial expenses93.60Miscellaneous expenses76.41Postage expenses52.20Advertising expense68.58Cash over and short13.80Cash276.993May 16Petty cash200.00Cash200.004May 31Postage expenses53.73Mileage expense42.78Delivery expense44.17Cash over and short35.00Cash105.655May 31Cash50.00Petty cash50.00 Problem 6-2A (Algo) Establishing, reimbursing, and adjusting petty cash LO P2Kiona Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fundoccurred in May (the last month of the company's fiscal year).May 1 Prepared a company check for $300 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 $93.60 for janitorial expenses.May 15 b. Paid $76.41 for miscellaneous expenses.May 15 c. Paid postage expenses of $52.20.May 15 d. Paid $68.58 to Facebook for advertising expense.May 15 e. Counted $23.01 remaining in the petty cashbox.May 16 Prepared a company check for $200 to increase the fund to $500.May 31 The petty cashier reports that $339.32 cash remains in the fund. A company check is drawn to replenish the fund for thefollowing expenditures made since May 15.May 31 f. Paid postage expenses of $53.73.May 31 g. Reimbursed the office manager for mileage expense, $42.78.May 31 h. Paid $44.17 in delivery expense for products 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 $50, leaving a total of $450.Required:Prepare journal entries to establish the fund on May 1, to replenish it on May 15 and on May 31, and to reflect any increase or decreasein the fund balance on May 16 and May 31. (Round your answers to 2 decimal places.)

Journal entries refer to the process of documenting all the transactions of a company in its books.

Answered: May 01 Petty cash Cash May 15…

Business

Accounting

May 01 Petty cash Cash May 15 Janitorial expenses Miscellaneous expem Postage expenses

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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