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I need help with the journal entries for this question, and Impact transaction has on income for question 7 Lewis Co. set up a petty
I need help with the journal entries for this question, and Impact transaction has on income for question 7
Lewis 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 $550 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 $190 for janitorial services b. Paid $142 for miscellaneous expenses c. Paid postage expenses of $95 d. Paid $47 to The County Gazette (the local newspaper) for an advertisement e. Counted $87 remaining in the petty cash box May 16 Prepared a company check for $258 to increase the fund to $8e8 May 31 The petty cashier reports that $320 cash remains in the fund. A company check is draun to replenish the fund for the following expenditures made since May 15 f. Paid postage expenses of $280 g. Reimbursed the office manager for business mileage, $140 h. Paid $46 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 $200, leaving a total of $683 General Requirement ournal General income Ledger Trial Balance Impact on Prepare the journal entries for each of the petty cash transactions. View transaction list Journal entry worksheet Prepared a company check for $550 to establish the petty cash fund. Note: Enter debits before credits Date Account Title Debit Credit etty cash Cash May 01 550 550Step by Step Solution
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