Problem 8-2A Establishing, reimbursing, and adjusting petty cash LO P2 Kiona Co set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year) May 1 Prepared a company check for $300 to establish the petty cash fund. 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. a. Paid $93.60 for anitorial services. b. Paid $76.41 for miscellaneous expenses. C. Pald postage expenses of $52.20. d. Paid $68.58 to The County Gazette (the local newspaper) for an advertisement. e. Counted $23.01 remaining in the petty cashbox. 16 Prepared a company check for $200 to increase the fund to $500. 31 The petty cashier reports that 5324.32 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. f. Paid postage expenses of $53.73. 9. Reimbursed the office manager for business mileage, 542.78. h. Paid $44.17 to deliver merchandise to customer, terms FOB destination. 31 The company decides that the May 16 Increase in the fund was too large. It reduces the fund by $50, leaving a total of $450. Required: 1. Prepare journal 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. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet Prepared a company check for $300 to establish the petty cash fund. Note: Enter debits before credits Date General Journal Debit Credit May 01