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GL0601 - Based on Problem 6-2A LO P2 Nguyen Co set up a petty cash fund for payments of small amounts. The following transactions involving
GL0601 - Based on Problem 6-2A LO P2 Nguyen Co set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May. May 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 Wince May 1. a. Paid $178 for Janitorial services. b. Paid $134 for miscellaneous expenses. c. Paid postage expenses of $89. d. Paid $45 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 $244. g. Reimbursed the office manager for business mileage, $122. h. Paid $40 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. General Journal Requirement 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
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