Chapter $6$ Homework $i$

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Kiona Company 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$).$

$48$ points

References

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\mathrm{.}00$ for janitorial expenses.

May $15$ b$.$ Paid $$63\mathrm{.}68$ for miscellaneous expenses.

May $15c.$ Paid postage expenses of $$43\mathrm{.}50.$

May $15$ d$.$ Paid $$57\mathrm{.}15$ to Facebook for advertising expense.

May $15$ e$.$ Counted $$19\mathrm{.}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\mathrm{.}39$ cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May $15.$

May $31f.$ Paid postage expenses of $$48\mathrm{.}36.$

May $31g.$ Reimbursed the office manager for mileage expense, $$38\mathrm{.}50.$

Ray $31$ h$.$ Paid $$39\mathrm{.}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 $$50,$ leaving a total of $$400.$

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 $31.$

Note: Round your answers to $2$ decimal places.

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

Prepared a company check for $$250$ to establish the petty cash fund.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Dobit,Credit$],[$May $01],[,,,],[,,,],[,-,,],[,-,,],[,$T$,,]]$