***DOUBT on MAY 31 and JUNE 1st...whether May 31 is it still $200 or $300 funds?

And on JUNE 1st, amount raised TO (not by) $300. Is $100 correct?*************

HOMEWORK:

May 1 The petty cash fund is set up with a $200 cash balance.

May 13 Because the money in the petty cash box is down to $30.20, the fund is replenished. The petty cash vouchers at the time of replenishment are as follows:

• Flowers for hospitalized employee (miscellaneous expense)$50.60
• Postage stamps$54.36
• Office supplies$62.33

May 31 The cash in the petty cash box is $40.40, and the fund is replenished in order to include the petty cash activities in the monthly financial statements for the month of May. The petty cash vouchers are for the following:

• Transportation in$105.00
• Office supplies$70.70

Jun 1 To provide for a larger petty cash fund, the petty cash fund was increased to $300.

1-May Petty Cash......................................................................................200

Cash ...................................................................................................200

To establish a petty cash fund.

13-May Miscellaneous Expense (Flowers for hospitalized employee) ......50.60

Postage Expense..........................................................................54.36

Office Supplies..............................................................................62.33

Cash short and Over ......................................................................2.51

Cash ...............................................................................................169.80

To replenish a petty cash fund.

31May Transportation ..............................................................................105.00

Office Supplies ..............................................................................70.70

?Cash short and Over?......................................(if fund $300)........83.90

Cash................................................................................................259.60

To replenish a petty cash fund.

June 1 Petty Cash......................................................................................100.00

Cash...................................................................................................100.00

To increase the size of the petty cash fund to $300