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I can't figure out what the Cash over and short and Cash should come out to be. May 1 Prepared a company check for $250
I can't figure out what the Cash over and short and Cash should come out to be.
May 1 Prepared a company check for $250 to establish the petty cash fund 15 Prepared a company check to replenish the fund for the following expenditures made since May 1 a. Paid $78.00 for janitorial services. b. Paid $63.68 for miscellaneous expenses. c. Paid postage expenses of $43.50 d. Paid $57.15 to The County Gazette (the local newspaper) for an advertisement. e. Counted $19.17 remaining in the petty cashbox. 16 Prepared a company check for $200 to increase the fund to $450 31 The petty cashier reports that $283.39 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 $48.36. g. Reimbursed the office manager for business mileage, $38.50 h. Paid $39.75 to deliver merchandise to a customer, terms FOB destination 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 1. 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. (Round your answers to 2 decimal places.) View transaction listView journal entry worksheet Date General Journal Debit Credit May 01Petty cash 250.00 Cash 250.00 78.00 63.68 43.50 57.15 May 15Janitorial expenses Miscellaneous expenses Postage expenses Advertising expense Cash over and short 11.50 Cash 230.83 May 16 Petty cash 200.00 Cash 200.00 4 May 31 Postage expenses Mileage expense Delivery expense 48.36 38.50 39.75Step by Step Solution
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