Carter 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 $500 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 $177 for janitorial services b Paid $133 for miscellaneous expenses c Paid postage expenses of $89 d Paid $44 to Facebook for advertising expense e Counted $65 remaining in the petty cash box May 16 Prepared a company check for $200 to increase the fund to $700 May 31 The petty cashier reports that $280 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 $246 g Reimbursed the office manager for business mileage, $123 h Paid $41 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 $160, leaving a total of $540 2) May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1 $177 for janitorial services $133 for miscellaneous expenses postage expenses of $89 and $44 to Facebook for advertising expense Counted $65 remaining in the petty cash box 3) May 16 Prepared a company check to replenish the fund for the following expenditures made since May 1 $177 for janitorial services $133 for miscellaneous expenses postage expenses of $89 and $44 to Facebook for advertising expense Counted $65 remaining in the petty cash box 4) May 31 The petty cashier reports that $280 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 $246, reimbursed the office manager for business mileage, $123 and $41 to deliver merchandise to a customer, terms FOB destination 5) May 31 the company decides that the May 16 increase in the fund was too large It reduces the fund by $160, leaving a total of $540 Options for the Account Tile 000 No journal entry required 101 Cash 102 Petty cash 106 Accounts receivable 120 Inventory 167 Equipment 201 Accounts payable 301 Carter, Capital 302 Carter, Withdrawals 403 Service revenue 622 Janitorial expenses 637 Insurance expense 640 Rent expense 645 Postage expenses 652 Miscellaneous expenses 655 Mileage expense 660 Advertising expense 665 Cash over and short 670 Delivery expense 675 Transportation in 690 Utilities expense 700 Income summary Last box of this table options for the Impact transaction Net income decreased by Net income increased by Net income was unchanged 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 Journal entry worksheet 2 3 4 5 Prepared a company check for $500 to establish the petty cash fund Note Enter debits before credits Date Account Title Debit Credit May 01 General Ledger Account Cash Inventory No Debit Credit No Debit Credit Date Apr 30 Balance 4,810 Date Apr 30 Balance 5,400 Carter, Capital Service revenue No No Dale Debit Debit Credit Credit Date Apr 30 Balance No Balance 3,300 No Debit Date Credit Date Apr 30 Debit Credit Balance 13,000 Balance Insurance expense Janitorial expenses Debit Credit No No Debit Credit Date Apr 30 Balance 550 Date Apr 30 Balance 1,500 Rent expense Postage expenses No Debit Credit No Date Debit Credit Date Apr 30 Balance 2,400 Balance 250 Apr 30 Miscellaneous expenses Mileage expense No Debit Credit No Debit Credit Date Apr 30 Balance 800 Date Apr 30 Balance 90 Advertising expense Delivery expense No Debit Credit No Debit Credit Balance Date Apr 30 Balance 340 Date Apr 30 160 Trial Balance May 31, 2019 Account Title Debit Credit 4,810 5,400 3,300 13,000 550 Cash Inventory Carter, Capital Service revenue Janitorial expenses Insurance expense Rent expense Postage expenses Miscellaneous expenses Mileage expense Advertising expense Delivery expense 1,500 2,400 250 800 90 340 160 Total 16,300 $ 16,300 Transaction Impact transaction has on income Amount of increase (decrease) May 1) Prepared a company check for $500 to establish the petty cash fund May 15) Prepared a company check to replenish the fund for the following expenditures made since May 1 $177 for janitorial services, $133 for miscellaneous expenses, postage expenses of $89 $44 to Facebook for advertising expense Counted $65 remaining in the petty cash box May 16 Prepared a company check for $200 to increase the fund to $700 May 31 The petty cashier reports that $280 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 $246, business mileage, $123, $41 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 $160, leaving a total of $540 In total, net income increased (decreased) by

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Carter Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May. May

Carter 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 $500 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 $177 for janitorial services.
		b. Paid $133 for miscellaneous expenses.
		c. Paid postage expenses of $89.
		d. Paid $44 to Facebook for advertising expense.
		e. Counted $65 remaining in the petty cash box.
May	16	Prepared a company check for $200 to increase the fund to $700.
May	31	The petty cashier reports that $280 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 $246.
		g. Reimbursed the office manager for business mileage, $123.
		h. Paid $41 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 $160, leaving a total of $540.

image text in transcribed 2) May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1: $177 for janitorial services; $133 for miscellaneous expenses; postage expenses of $89; and $44 to Facebook for advertising expense. Counted $65 remaining in the petty cash box.

3) May 16 Prepared a company check to replenish the fund for the following expenditures made since May 1: $177 for janitorial services; $133 for miscellaneous expenses; postage expenses of $89; and $44 to Facebook for advertising expense. Counted $65 remaining in the petty cash box.

4) May 31 The petty cashier reports that $280 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 $246, reimbursed the office manager for business mileage, $123; and $41 to deliver merchandise to a customer, terms FOB destination.

5) May 31 the company decides that the May 16 increase in the fund was too large. It reduces the fund by $160, leaving a total of $540.

Options for the Account Tile

000: No journal entry required
101: Cash
102: Petty cash
106: Accounts receivable
120: Inventory
167: Equipment
201: Accounts payable
301: Carter, Capital
302: Carter, Withdrawals
403: Service revenue
622: Janitorial expenses
637: Insurance expense
640: Rent expense
645: Postage expenses
652: Miscellaneous expenses
655: Mileage expense
660: Advertising expense
665: Cash over and short
670: Delivery expense
675: Transportation-in
690: Utilities expense
700: Income summary

image text in transcribed

image text in transcribed Last box of this table

image text in transcribed options for the Impact transaction

Net income decreased by:
Net income increased by:
Net income was unchanged

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. Journal entry worksheet 2 3 4 5 Prepared a company check for $500 to establish the petty cash fund. Note: Enter debits before credits. Date Account Title Debit Credit May 01 General Ledger Account Cash Inventory No. Debit Credit No. Debit Credit Date Apr 30 Balance 4,810 Date Apr 30 Balance 5,400 Carter, Capital Service revenue No. No. Dale Debit Debit Credit Credit Date Apr 30 Balance No. Balance 3,300 No Debit Date Credit Date Apr 30 Debit Credit Balance 13,000 Balance Insurance expense Janitorial expenses Debit Credit No. No. Debit Credit Date Apr 30 Balance 550 Date Apr 30 Balance 1,500 Rent expense Postage expenses No. Debit Credit No. Date Debit Credit Date Apr 30 Balance 2,400 Balance 250 Apr 30 Miscellaneous expenses Mileage expense No. Debit Credit No. Debit Credit Date Apr 30 Balance 800 Date Apr 30 Balance 90 Advertising expense Delivery expense No. | Debit Credit No. Debit Credit Balance Date Apr 30 Balance 340 Date Apr 30 160 Trial Balance May 31, 2019 Account Title Debit Credit 4,810 5,400 3,300 13,000 550 Cash Inventory Carter, Capital Service revenue Janitorial expenses Insurance expense Rent expense Postage expenses Miscellaneous expenses Mileage expense Advertising expense Delivery expense 1,500 2,400 250 800 90 340 160 Total 16,300 $ 16,300 Transaction Impact transaction has on income: Amount of increase (decrease) May 1) Prepared a company check for $500 to establish the petty cash fund. May 15) Prepared a company check to replenish the fund for the following expenditures made since May 1: $177 for janitorial services, $133 for miscellaneous expenses, postage expenses of $89. $44 to Facebook for advertising expense. Counted $65 remaining in the petty cash box. May 16 Prepared a company check for $200 to increase the fund to $700. May 31 The petty cashier reports that $280 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 $246, business mileage, $123, $41 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 $160, leaving a total of $540. In total, net income increased (decreased) by