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whats the answer to the past two problems Kiona Company set up a petty cash fund for payments of small amounts. The following transactions involving
whats the answer to the past two problems
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 15 c. Paid postage expenses of $69.60. May 15 d. Paid $91.44 to Facebook for advertising expense. May 15 e. Counted $30.68 remaining in the petty cashbox. May 16 Prepared a coemany check for $200 to increase the fund to $600. May 31 The petty cashier reports that $396.19 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. May 31f. Paid postage expenses of $64.48. May 31g. Reimbursed the office manager for mileage expense, $51.33. May 31h. Paid $53.00 in delivery expense for products 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 $50, leaving a total of $550. Required: 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.) Journal entry worksheet 1 2 5 Prepared a company check to replenish the fund for the expenditures made since May 15. Note: Enter debits before credits Step by Step Solution
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