Answered step by step
Verified Expert Solution
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 (
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 Prepared a company check for $ to establish the petty cash fund.
May Prepared a company check to replenish the fund for the following expenditures made since May
May a Paid $ for janitorial expenses.
May b Paid $ for miscellaneous expenses.
May c Paid postage expenses of $
May d Paid $ to Facebook for advertising expense.
May e Counted $ remaining in the petty cashbox.
May Prepared a company check for $ to increase the fund to $
May The petty cashier reports that $ cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May
May Paid postage expenses of $
May Reimbursed the office manager for mileage expense, $
May h Paid $ in delivery expense for products to a customer, terms FOB destination.
May The company decides that the May increase in the fund was too large. It reduces the fund by $ leaving a total of $
Required:
Prepare journal entries to establish the fund on May to replenish it on May and on May and to reflect any increase or decrease in the fund balance on May and May
Note: Round your answers to decimal places. There should be journal entries! Thank you!
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started