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Klona Co. set up a petty cash fund for payments of small amounts. The following transactions Involving the petty cash fund occurred In May 1 Prepared a company check for $388.89 to establish the petty cash fund May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. a. Paid $88.89 for janitorial services b. Paid $53.68 for niscellaneous expenses c. Paid postage expenses of $53.58 d. Paid $47.15 to The County Gazette (the local newspaper) for an advertisement e. Counted $62.15 renaining in the petty cash box May 16 Prepared a company check for $288.8e to increase the fund to $58e.6 May 31 The petty cashier reports that $288.28 cash remains in the fund. A conpany check is drawn to replenish the fund for the following expenditures nade since May 15. f. Paid postage expenses of $147.36 g. Reinbursed the office manager for business mileage, $23.5e h. Paid $34 75 to deliver merchandise to a custoner, terns FOB destination May 31 The conpany decides that the May 16 increase in the fund was too large. It reduces the fund by $188., leaving a total of $488.e0 Answer is not complete. Ledger Trial Balance Impact on Prepare the journal entries for each of the petty cash transactions. Round the final answers to 2 decimal places. May 01 300.00 300.00 May 15 88.00 53.68 53.50 O 47.15 4.48 237.85 Cash May 16 200.00 Answer is not complete. General Ledger Impact on income Trial Balance ournal Prepare the journal entries for each of the petty cash transactions. Round the final answers to 2 decimal places. No Account Title May 01 300.00 Petty cash Cash 300.00 88.00 53.68 53.50 47.15 May 15 Janitorial expenses Postage expenses Advertising expense Cash over and short 4.48 237.85 Cash May 16 200.00 Petty cash Cash 200.00 May 31 Postage expenses Mileage expense Delivery expense 147.38 23.50 4.75 Cash over and short Cash 211.80 May 31 Cash 100.00 Petty cash 00.00 Answer is not complete. Requirement Journal LedgerTrial BalanceImpact on Indicate the impact each transaction had on net income. Enter decreases to net income as negative values. Dates:May 01t:May 31 Impact transaction has on Amount of increase (decrease) Transaction May 1) Prepared a company check for S300 to stablish the petty cash fund. May 15) Prepared a company check to eplenish the fund for the following expenditures made since May 1: 588 for anitorial services, 353.68 for miscellaneous expenses, postage expenses of S53.50, $47.15 or an advertisement. Counted 582.15 emaining in the petty cash box. May 16 Prepared a company check for 5200 to ncrease the fund to $500. Net income was unchanged Net incom e decreased by: 237.858 Net income was unchanged May 31 The petty cashier reports that $288.20 ash remains in the fund. A company check is rawn to replenish the fund for the following xpenditures made since May 15: postage expenses of 5147.38, business mileage, 23.50, $34.75 to deliver merchandise to a ustomer, terms FOB destination Net incom e decreased by: 179.58 May 31 The company decides that the May 18 ncrease in the fund was too large. It reduces N he fund by 5100, leaving a total of 5400 income was unchanged In total, net income increased (decreased) by: 417.4
