Sanchez 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 $460 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 $134 for janitorial services. May 15 b. Paid $101 for niscellanecus expenses. May 15 c. Paid postage expenses of $67. May 15 d. Paid $33 to Facebook for advertising expense. May 15e. Counted $76 renaining in the petty cash box. Hay 15 Prepared a company check for $200 to increase the fund to $689. Hay 31 The petty cashier reports that $248 cash remains in the fund. A company check is drawn to replenish the fund for the folloning expenditures made since May 15. May 31 f. Paid postage expenses of $208. May 31 8. Reirbursed the office nanager for business mileage, $104, May 31 h. Paid $34 to deliver merchandise to a custondr, terns FOB destination. Hay 31 The company decides that the May 16 increase in the fund was too large. It reduces the fund by $16e,20aving a total of $449. General Journal tab - Prepare the necessary joumal 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, Sanchez 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 $460 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures rade since May 1. May 15 a. Paid $134 for janitorial services. May 15 b. Paid $101 for miscellaneous expenses. May 15 c. Paid postage expenses of $67. May 15 d. Paid $33 to Facebook for advertising expense. Nay 15%. Counted $76 reeaining in the petty cash box. May 16 Prepared a company check for $269 to increase the fund to $600. May 31 The petty cashier reports that $24 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 $208. May 31 g. Reimbursed the office manager for business nileage, $104. May 31 h. Paid $34 to deliver merchandise to a custoedr, terms Fos 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 \$44e. Prepare the journal entries for each of the petty cash transactions. See how your entries updated the account balances. See how your entries updated the trial balance. See how your entries updated the trial balance. Indicate the impact each transaction had on net income, Note: Decreases to net income should be indicated with a minus sign
