Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 6-2A (Static) Establishing, reimbursing, and adjusting petty cash LO P2 Kiona Company sot up a petty cash fund for payments of small amounts. The

image text in transcribed
Problem 6-2A (Static) Establishing, reimbursing, and adjusting petty cash LO P2 Kiona Company sot up a petty cash fund for payments of small amounts. The following transactions involving the petty cast fund occurred in May (the last month of the company's fiscal year). May 1 prepared a company ebeck for $300 to establish the petty canh fund. May is prepared a company eheck to replenish the fund for the following expenditures hade aince May 1. May is a. Paid $80 for janitorial expenses. May 15 b. Paid $53.68 for hisceliabeous expensen. May is c. Paid postage expenses of $53,50. May is d. Paid $47,15 to Pacebook, for advertiaing expense. May is %. Counted $62.15 remaining in the petty canhbox. May 16 Prepared a company check for $200 to Inerease tbe fund to $500. May 31 The petty easbier reports that $288.20 cash remaine is the fund. A eompany theck is drawn to repleniah the fund for the following empenditures made alnce May 15. May 31 . raid postage expehses of $147,36. May 31g. Reimburied the office manager for mileage expesse, 323.56. Hay 31 h. Faid $34.75 is delivery expesse for produets to a custoner, tersa rob destination. total of $400. Required: Prepare journat entries to establish the fund on May 1, to replenish it on May 15 and on May 31, and to reflect any increase or decrease in the fund balance on May 16 and May 31. Note: Round your answers to 2 decimel places

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Assurance Services A Systematic Approach

Authors: William F. Messier, Steven M. Glover, Douglas F. Prawitt

4th Edition

0071117474, 9780071117470

More Books

Students also viewed these Accounting questions