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Print Gonzalez Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in
Print Gonzalez Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May. May 1 Prepared a company check for $500 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 $173 for janitorial services. May 15 b. Paid $130 for miscellaneous expenses. May 15 c. Paid postage expenses of $87. May 15 d. Paid $43 to Facebook for advertising expense. May 15 e. Counted $75 remaining in the petty cash box. May 16 Prepared a company check for $200 to increase the fund to $700. May 31 The petty cashier reports that $280 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. May 31 f. Paid postage expenses of $246. May 31 g. Reimbursed the office manager for business mileage, $123. May 31 h. Paid $41 to deliver merchandise to a customer, terms FOB destination. May 31 The company decides that the May 16 increase in the fund was too large. It reduces the fund by $160, leaving a total of $540. Requirement General Journal General Ledger Trial Balance Impact on Income General Journal tab - Prepare the necessary journal entries. General Ledger and Trial balance tabs -Review the general ledger and trial balance tabs. Impact on Net Income tab-Calculate the impact each entry had on net income, if any.
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