Kiona Co. set up a petty cash fund for payments of small amounts.
The following transactions involving the petty cash fund occurred in May (the last month of the company’s fiscal year).

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 decrease in the fund balance on May 16 and May 31.

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May 1 15. Prepared a company check for $300 to establish the petty cash fund. Prepared a company check to replenish the fund for the following expenditures made since May 1. Paid $88 for janitorial expenses. a. b. C. d. Paid $53.68 for miscellaneous expenses. Paid postage expenses of $53.50. Paid $47.15 to Facebook for advertising expense.