GL0801 - Based on Problem 8-2A LO P2 Brown 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 $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. a. Paid $114 for janitorial services. b. Paid $85 for miscellaneous expenses. C. Paid postage expenses of $57. d. Paid $28 to Facebook for advertising expense. e. Counted $74 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. f. Paid postage expenses of $174. g. Reimbursed the office manager for business mileage, $87. 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. GL0801 - Based on Problem 8-2A LO P2 Brown 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 $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. a. Paid $114 for janitorial services. b. Paid $85 for miscellaneous expenses. c. Paid postage expenses of $57. d. Paid $28 to Facebook for advertising expense. e. Counted $74 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. f. Paid postage expenses of $174. g. Reimbursed the office manager for business mileage, $87. 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. Requirement General Journal General Ledger Trial Balance Impact on Income Prepare the journal entries for each of the petty cash transactions. View transaction list View journal entry worksheet Debit No Credit Account Title Date 350 1 May 01 Petty cash 350 Cash pints Requirement General Journal General Ledger Trial Balance Impact on Income See how your entries updated the account balances. eBook Dates: May 01 to: May 31 Print General Ledger Account Cash Petty cash References No. Date Debit Credit No. Date Debit Credit Balance Balance 3,230 2,880 Apr 30 May 01 0 Apr 30 May 01 1 350 1 350 350 Inventory Brown, Capital No. Date Debit Credit Balance No. Date Debit Credit Balance 2,700 Apr 30 5,000 Apr 30 Service revenue Janitorial expenses No. Debit Credit No. Date Debit Credit Date Apr 30 Balance 11,000 Balance 450 Apr 30 Insurance expense Rent expense No. Date Debit Credit No. Date Debit Credit Balance 1,260 Balance 2,400 Apr 30 Apr 30 Postage expenses Miscellaneous expenses No. Date Debit Credit Credit No. Date Debit Balance 150 Balance 700 Apr 30 Apr 30 Mileage expense Advertising expense Debit Credit No. No. Date Credit Debit Balance 70 Date Apr 30 Balance 340 Apr 30 Delivery expense No. Date Debit Credit Balance 100 Apr 30 Requirement General Journal General Ledger Trial Balance Impact on Income eBook See how your entries updated the trial balance. Dates: May 01 to: May 31 Print Brown Company Trial Balance Peferences May 31, 2019 Debit Credit Account Title s Cash 2,880 350 Petty cash 5,000 Inventory Brown, Capital Service revenue 2,700 11,000 450 Janitorial expenses 1.260 2.400 150 700 70 insurance expense Rent expense Postage expenses Miscellaneous expenses Mileage expense Advertising expense Delivery expense Total 340 100 s 13.700 5 13,700 Requirement General Journal General Ledger Trial Balance Impact on Income Indicate the impact each transaction had on net income. Decreases to net income should be indicated with a minus sign. Dates: May 01 to: May 31 Transaction Impact transaction has on income: Amount of increase (decrease) 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: $114 for janitorial services, $85 for miscellaneous expenses, postage expenses of $57, $28 to Facebook for advertising expense. Counted $74 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. postage expenses of $174, business mileage, $87$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 S120, leaving a total of $380. In total, net income increased (decreased) by: $ 0 Trial Balance Impact on Income Prey 7 of 14 Next