K , Week 9 Klona 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 $350 to establish the petty cash fund. 15 Prepared a company check to replenish the fund for the following expenditures made since May 1 * Paid $109.20 for janitorial expenses. b. Paid $89.15 for miscellaneous expenses. e. Paid postage expenses of 560.90. d. Paid $80.01 to Facebook for advertising expense. e. Counted $26.84 remaining in the petty cashbox 16 Prepared a company check for $200 to increase the fund to 050. 31 The petty cashier reports that $385.27 canh renaine in the fund. A company check la drawn to replenish the fund for the following expenditures made nince May 15. 1. Paid poutage expenses of $59.10. 9. Reimbursed the office manager for mileage expense, $47.05. h. Paid $40.58 in delivery expense for products to a customer, terns Pol destination. 31 The company decides that the May 16 increase in the fund was too large. It reduces the fund by $50, leaving total of $500. 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.) View transaction list View journal entry worksheet @ No General Journal Credit Dato May 01 Debit 350.00 1 Patty cash Cash 350.00 2 350.00 May 15 Collection expense Accounts receivable 350.00 2 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). 10 points Book May 1 Prepared a company check for $350 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 $109.20 for Janitorial expenses. b. Paid $89.15 for miscellaneous expenses. c. Paid postage expenses of $60.90. d. Paid $80.01 to Facebook for advertising expense. e. Counted $26.84 remaining in the petty cashbox. 16 Prepared a company check for $200 to increase the fund to $550. 31 The petty cashier reports that $385.27 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15. 1. Paid postage expenses of $59.10. g. Reimbursed the office nanager for mileage expense, $47.05. h. Paid $48.58 in delivery expense for products to a customer, terma FOB destination. 31 The company decided that the May 16 increase in the fund was too large. It reduces the fund by $50, leaving a total of $500. Print References 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.) View transaction list View journal entry worksheet Date General Journal No 1 Credit May 01 Petty cash Debit 350.00 Cash 350.00 2 May 15 Collection expense Accounts receivable 350.00 350.00
