Kiona Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year). May 1 Prepared a company check for $350 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 $109.20 for janitorial services b. Paid $89.15 for miscellaneous expenses. c. Paid postage expenses of $60.90. d. Paid $80.01 to The County Gazette (the local nevspaper) for an advertisement. e. Counted $26.84 renaining in the petty cashbox 16 Prepared a company check for $200 to increase the fund to $550. 31 The petty cashier reports that $375.27 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 $59.10. g. Reimbursed the office manager for business mileage, $47.05. h. Paid $48.58 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 $500 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 p Answer is complete but not entirely correct Date No General Journal Debit Credit May 01 Petty cash 350.00 Cash 50.00 May 15 Janitorial expenses 1 109.20 Prev 1 of 3 Score answer Return to quesion 350.00 Petty cash May 01 50.00 Cash 109.20 89.15 60.90 80.01 May 15 Janitorial expenses 2 Miscellaneous expenses Postage expenses Advertising expense 6. 10 323.16 Cash over and short Petty cash 200.00 Petly cash May 16 200.00 Cash 59.10 47.05 48.58 C 5.00 May 31 Postage expenses Mileage expense Delivery expense Cash over and short 59.73 Petty cash 50.00 May 31 Cash 50.00 Petty cash