Taylor 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 $$450$ 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 $$158$ for janitorial services.

May $15$

b$.$ Paid $$119$ for miscellaneous expenses.

May $15$

c$.$ Paid postage expenses of $$79.$

May $15$

d$.$ Paid $$39$ to Facebook for advertising expense.

May $15$

e$.$ Counted $$63$ remaining in the petty cash box.

May $16$ Prepared a company check for $$150$ to increase the fund to $$600.$

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 $15.$

May $31$ f$.$ Paid postage expenses of $$210.$

May $31$ g$.$ Reimbursed the office manager for business mileage, $$105.$

May $31$ h$.$ Paid $$35$ 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 $$120,$ leaving a total of $$480.$

Requirement

General

Journal

Prepare the journal entries for each of the petty cash transactions.

Show less $$

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

Prepared a company check for $$450$ to establish the petty cash fund.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$Account Title,Debit,Credit$],[$May $01,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$

Taylor 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 $$450$ 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 $$158$ for janitorial services.

May $15$ b$.$ Paid $$119$ for miscellaneous expenses.

May $15$ c$.$ Paid postage expenses of $$79.$

May $15$ d$.$ Paid $$39$ to Facebook for advertising expense.

May $15$ e$.$ Counted $$63$ remaining in the petty cash box.

May $16$ Prepared a company check for $$150$ to increase the fund to $$600.$

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 $15.$

May $31$ f$.$ Paid postage expenses of $$210.$

May $31g.$ Reimbursed the office manager for business mileage, $$105.$

May $31$ h$.$ Paid $$35$ 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 $$120,$ leaving a total of $$480.$

$\backslash$table$[[$Requirement$,\backslash$table$[[$General$],[$Journal$]],\backslash$table$[[$General$],[$Ledger$]],$Trial Balance,$\backslash$table$[[$Impact on$],[$Income$]]]]$

Indicate the impact each transaction had on net income.

Note: Decreases to net income should be indicated with a minus sign.

$\backslash$table$[[$Transaction$,\backslash$table$[[$Impact transaction has on$],[$income:$]],\backslash$table$[[$Amount of increase$],[($decrease$)]]],[\backslash$table$[[$May $1)$ Prepared a company check for $$450$ to$],[$establish the petty cash fund.$]]],[\backslash$table$[[$May $15$