06 GL P6-2a 1 Question! -Ch 06 GL PG-za-Connect Seved PeopleSoft session expired Help Save & Exit Submit Check my work ints eBook Ask Print References GL0601 (Algo) - Based on Problem 6-2A LO P2 Lewis 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 $350 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 $110 for janitorial services. May 15 b. Paid $83 for miscellaneous expenses. May 15 c. Paid postage expenses of $55. May 15 d. Paid $27 to Facebook for advertising expense. May 15 e. Counted $89 remaining in the petty cash box. May 16 Prepared a company check for $150 to increase the fund to $500. May 31 The petty cashier reports that $200 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 $169. May 31 9. Reimbursed the office manager for business mileage, $85. May 31 h. Paid $28 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 $120, leaving a total of $380. Mc Graw Hil Requirement General Journal General Ledger Trial Balance Impact on Income Indicate the impact each transaction had on net income. Decreases to net income should be indicated with a minus sign. Transaction May 1) Prepared a company check for $350 to establish the petty cash fund 4 95 Dates: May 01 to: April 30 Impact transaction has on income Amount of increase (decrease) Net income was unchanged (EN) delete 1 sign. Dates: May 01 15 paints eBook Ask Print References Transaction. May 1) Prepared a company check for $350 to establish the petty cash fund. May 15) Prepared a company check to replenish the fund for the following expenditures made since May 1: $110 for janitorial services, $83 for miscellaneous expenses, postage expenses of $55, $27 to Facebook for advertising expense. Counted $89 remaining in the petty cash box May 16 Prepared a company check for $150 to increase the fund to $500. May 31 The petty cashier reports that $200 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15: postage expenses of $169, business mileage. $85, $28 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 $120, leaving a total of $380. Impact transaction has on income: Net income was unchanged Net income decreased by: Net income was unchanged Net income decreased by: Net income was unchanged In total, net income increased (decreased) by: S Hill 261 Check my work to: April 30 EN