Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Requirement General Journal General Ledger Trial Balance Impact on income Indicate the impact each transaction had on net income. Enter decreases to net income as
Requirement General Journal General Ledger Trial Balance Impact on income Indicate the impact each transaction had on net income. Enter decreases to net income as negative values. 15 points Dates: May 01 to: May 31 Transaction Impact transaction has on income: Amount of increase (decrease) s May 1) Prepared a company check for $450 to establish the petty cash fund. eBook Net income was unchanged Ask May 15) Prepared a company check to replenish the fund for the following expenditures made since May 1: $148 for janitorial services, $111 for miscellaneous expenses, postage expenses of $74. sza Net income decreased by: $37 for an advertisement. Counted $88 remaining in the petty cash box. Print May 16 Prepared a company check for $150 to increase the fund to $600. IN Net income was unchanged References May 31 The petty cashier reports that $240 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. postage expenses of $210, business mileage, S105 $35 to deliver merchandise to a customer, terms FOB destination Net income decreased by: May 31 The company decides that the May 16 increase in the fund was too large. It reduces the fund by $120, leaving a total of $480. Net income was unchanged In total, net income increased (decreased) by: $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started