Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

whats the answer for the last two Kiona Company set up a petty cash fund for payments of small amounts. The following transactions involving the

whats the answer for the last two image text in transcribed
image text in transcribed
Kiona Company 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 $400 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 $124,80 for janitorial expenses. May 15 b. Paid $101.88 for miscellaneous expenses. May 15c. Paid postage expenses of $69.60. May 15 d. Paid $91.44 to Facebook for advertising expense. May 15 e. Counted $38.68 remaining in the petty cashbox. May 16 Prepared a company check for $200 to increase the fund to $600. Hay 31 The petty cashier reports that $396.19 cash renains in the fund. A conpany check is drama to replenish the fund for the foltowing expenditures made since May 15 . May 31 f. Paid postage expenses of $64,48. May 319. Pleimbursed the office nanager for mileage expense, $51.33. May 31 h. Paid 553.00 in detivery expense for products to a customer, terns fos destination. May 31 The conpany decides that the May 16 increase in the fund was too large. It reduces the fund by sso, leaving a total of $550. Required: Prepore journal entries to establish the fund on May 1, to replenish it on May 15 and on Moy 31, and to ceflect any increase or decrease in the fund balance on May 16 and May 31 . (Round your answers to 2 decimal places.) Prepared a company check to replenish the fund for the expenditures made since May 15. Note: Enter debits before credits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Assurance Services An Integrated Approach

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley

17th Edition

013517614X, 978-0135176146

More Books

Students also viewed these Accounting questions

Question

work settings of recent graduates;

Answered: 1 week ago