Question 5 Question 5 Bill Jovi is reviewing the cash accounting for Nottleman, Inc., a local mailing service. Jovi's review will focus on the petty cash account and the bank reconciliation for the month ended May 31, 2014. He has collected the following information from Nottleman's bookkeeper for this task Petty Cash 1. The petty cash fund was established on May 10, 2014, in the amount of $550.00 2. Expenditures from the fund by the custodian as of May 31, 2014, were evidenced by approved receipts for the following Postage expense $72.60 Mailing labels and other supplies 143.00 I.O.U. from employees 66.00 126.39 Shipping charges (to customer) Newspaper advertising 50.16 Miscellaneous expense 33.77 3. On May 31, 2014, the petty cash fund was replenished and increased to $660.00; currency and coin in the fund at that time totaled $58.08 Bank Reconciliation THIRD NATIONAL BANK BANK STATEMENT Disbursements Receipts Balance Balance, May 1, 2014 19,292 61,600 Deposits Note payment direct from customer (interest of $66) 2,046 Checks cleared during May $68,530 Bank service charges 59 Balance, May 31, 2014 14,349 Balance, May 1, 2014 19,470 68,200 Deposits during May 2014 (70,037 Checks written during May 2014 Deposits in transit are determined to be $6,600, and checks outstanding at May 31 total $1,870. Cash on hand (besides petty cash) at May 31, 2014, is $541 Prepare the journal entries to record the transactions related to the petty cash fund for May. (If no entry is required, select No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. No. Account Titles and Explanation Debit Credit Petty Cash 550 Cash http://edug shared assignment test qprint.uni[3/28/2015 859:58 PM