ona Company set up a petty cash fund for payments of small amounts. The following transactions involving the p occurred in May (the last month of the company's fiscal year). May 1 Prepared a company check for $250 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 $78.00 for janitorial expenses. May 15 b. Paid $63.68 for miscellaneous expenses. May 15 c. Paid postage expenses of $43.50. May 15 d. Paid $57.15 to Facebook for advertising expense. May 15 e. Counted $19.17 remaining in the petty cashbox. May 16 Prepared a company check for $200 to increase the fund to $450. May 31 The petty cashier reports that $303.39 cash remains in the fund. A company check is drawn to rep for the following expenditures made since May 15. May 31 f. Paid postage expenses of $48.36. May 31 g. Reimbursed the office manager for nileage expense, $38.50. May 31 h. Paid $39.75 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 total of $400. Required:

ona Company set up a petty cash fund for payments of small amounts. The following transactions involving the p occurred in May (the last month of the company's fiscal year). May 1 Prepared a company check for $250 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 $78.00 for janitorial expenses. May 15 b. Paid $63.68 for miscellaneous expenses. May 15 c. Paid postage expenses of $43.50. May 15 d. Paid $57.15 to Facebook for advertising expense. May 15 e. Counted $19.17 remaining in the petty cashbox. May 16 Prepared a company check for $200 to increase the fund to $450. May 31 The petty cashier reports that $303.39 cash remains in the fund. A company check is drawn to rep for the following expenditures made since May 15. May 31 f. Paid postage expenses of $48.36. May 31 g. Reimbursed the office manager for nileage expense, $38.50. May 31 h. Paid $39.75 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 total of $400. Required:

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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