Mayo Co

petty cash fund. C. Moya Co. establishes a petty cash fund for payments of small amounts. The following transactions in- volving the petty cash fund occurred in January (the last month of the company's fiscal year). Problem 8-2B Establishing, Jan. 3 A company check for $150 is written and made payable to the petty cashier to establish the reimbursing, and adjusting petty cash 14 A company check is written to replenish the fund for the following expenditures made since P2 January 3. a. Purchased office supplies for $14.29 that are immediately used up. b. Paid $19.60 COD shipping charges on merchandise purchased for resale, terms FOB ship- ping point. Moya uses the perpetual system to account for inventory. Paid $38.57 to All-Tech for minor repairs to a computer. d. Paid $12.82 for items classified as miscellaneous expenses. Counted $62.28 remaining in the petty cash box. 15 Prepared a company check for $50 to increase the fund to $200. 31 The petty cashier reports that $17.35 remains in the fund. A company check is written to replen- ish the fund for the following expenditures made since January 14. f. Paid $50 to The Smart Shopper for an advertisement in January's newsletter. 8. Paid $48.19 for postage expenses. h. Paid $78 to Smooth Delivery for delivery of merchandise, terms FOB destination. 31 The company decides that the January 15 increase in the fund was too little. It increases the fund by another $50, leaving a total of $250. e