May 1 Prepares a corporate check for $350 to set up the petty-cash fund. May 15 has drawn up a company check to replenish the fund for the following expenses incurred since May 1.

 a. Paid $109 for cleaning services. 

B. Paid $82 for miscellaneous expenses. 

C. Postage of $54 paid.

 D. Paid $27 for an advertisement in The County Gazette (local newspaper). 

. The remaining $89 in the small safe was counted. 

May 16 Prepared a $150 corporate check to raise the Fund to $500. May 31 Little cashier reports $200 cash left in the fund. A company check is issued to replenish the fund for the following expenses incurred as of 15 May. f. Postage of $172 paid. G. Reimbursed the office manager $86 for work mileage. H. Paid $28 to deliver goods to a customer, FOB destination terms. May 31 The company decided that the May 16 increase in funds was too large. It reduces the fund by $120, leaving a total of $380.

 Required

General Log tab - Prepare required log entries.

General Ledger and Trial Balance tabs - Review the General ledger and trial balance tabs.

Impact on Net Income tab - Calculate the impact of each entry on net income, if any.

Entries

1. Prepared a corporate check for $350 to create a petty cash fund.

2 entries per day: issued a company check to replenish funds for the following expenses since May 1: $109 for cleaning services; $82 for miscellaneous expenses; $54 postage; and $27 for an advertisement in The County Gazette (local newspaper). The remaining $89 in the small safe was counted.

3 daily entries: Prepared a $150 corporate check to raise the fund to $500.

4 daily entries : The petty cashier reports $200 cash left in the fund. A company check was received to replenish funding for the following expenses since May 15: $172 in postal expenses, $86 reimbursed to the office manager for travel spent on business; and $28 to deliver goods to a customer, in FOB destination terms.

5: The company decided that the May 16 increase in funds was too big. It reduces the fund by $120, leaving a total of $380.