Question

 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 $450 to establish the petty cash fund.

 15 Prepared a company check to replenish the fund for the following expenditures made since May 1.

 4. Paid $140.40 for janitorial expenses.

 b. Paid $114.62 for miscellaneous expennes.

 c. Paid postage expenses of $78.30.

 d. Paid $102.87 to Facebook for advertising expense.

 e. Counted $34.51 remaining in the petty cash box.

 16 Prepared a company check for $20o to inerease the fund to $650.

 31 The petty cashier reports that $442.13 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 $69.85.

 9. Reimbursed the office manager for mileage expense, $55.61.

 h. Paid s57.41 in delivery expense for products to a customer, terms roB 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 $600.

 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.)

Answer 1

Required:

Date	General Journal	Debit	Credit
May 1	Petty cash	$450
	Cash		$450
May 15	Janitorial services	$140.40
	Miscellaneous expenses	$114.62
	Postage expenses	$78.30
	Advertising expenses	$102.87
	Cash ($450 - $34.51)		$415.49
	Cash over and short		$20.7
May 16	Petty cash	$200
	Cash		$200
May 31	Postage expenses	$69.85
	Mileage expenses	$55.61
	Delivery expenses	$57.41
	Cash over and short ($207.87 - $182.87)	$25
	Cash ($650 - $442.13)		$207.87
May 31	Cash	$50
	Petty cash		$50