Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kiona Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the

image text in transcribed
image text in transcribed
Kiona Company 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. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. May 15 a. Paid $109.20 for janitorial expenses. May 15 b. Paid $89.15 for miscellaneous expenses. May 15 c. Paid postage expenses of $60.96. May 15 d. Paid $80.01 to Facebook for advertising expense. May 15 e. Counted $26.84 renaining in the petty cashbox. May 16 Prepared a company check for $290 to increase the fund to $550. May 31 The petty cashier reports that $375.27 cash remains in the fund. A coepany check is drawn to replenish the fund for the following expenditures made since May 15. Hay 31f. Paid postage expenses of $59.10. May 31.g. Reimbursed the office manager for mileage expense, \$47.e5. May 31 h. Paid $48.58 in delivery expense for products to a custoner, terms fob destinatlon. May 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 1 Prepared a company check for $350 to establish the petty cash fund. 2 Prepared a company check to replenish the fund for the expenditures made since May 1. 3 Prepared a company check for $200 to increase the fund to $550. 4 Prepared a company check to replenish the fund for the expenditures made since May 15. 5 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. Note : = journal entry has been entered

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

CIA Review Part 2 Internal Audit Practice For The New 3 Part Exam

Authors: Irvin N.Gleim

17th Edition

158194375X, 978-1581943757

More Books

Students also viewed these Accounting questions

Question

a neglect of quality in relationship to international competitors;

Answered: 1 week ago