GL$0601($Algo$)-$ Based on Problem $6-2$A LO P$2$

Allen 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 $$118$ for janitorial services.

May $15$ b$.$ Paid $$88$ for miscellaneous expenses.

May $15$ c$.$ Paid postage expenses of $$59.$

May $15$ d$.$ Paid $$29$ to Facebook for advertising expense.

May $15$ e$.$ Counted $$64$ 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 $$174.$

May $31$ g$.$ Reimbursed the office manager for business mileage, $$87.$

May $31$ h$.$ Paid $$29$ 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.$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.