Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Wilson Co set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May May

image text in transcribed
Wilson Co 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 $480 to establish the petty cash fund. Hay 15 Prepared a company check to replenish the fund for the following expenditures made since May a. Paid $133 for janitorial services. b. Paid $100 for miscellaneous expenses. d. Paid $33 to The County Gazette (the local newspaper) for an advertisenent. e. Counted $76 remaining in the petty cash box. d Paid 5s te the county dazete (the zocal respaper) for an odvertisee.nt May 16 Prepared a company check for $209 to increase the fund to $600. May 31 The petty cashier reports that 5248 cash renains in the fund. A company check is drawn to replenish the fund for the follouing expenditures made since May 15. f, Paid postage expenses of $218. . Reimbursed the office manager for business nileoge, s1e5. 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 $16e, leaving a total of $440. Requirement General General Journal tab Prepare the necessary journal 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 ournalLedger Thal Balance Impact on General Journal>

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

Students also viewed these Accounting questions

Question

=+18.7. Reconsider Problem 12.12.

Answered: 1 week ago