Question

Help Save & Ex Chec 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 $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 $199.20 for janitorial expenses. b. Paid $89.15 for miscellaneous expenses. c. Paid postage expenses of $60.99. 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 $375.27 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 $59.10. 9. Reimbursed the office manager for mileage expense, $47.05. h. Paid $48.58 in delivery expense for products to a customer, terms FOB 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 $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.)

I need journal entries

Answer 1

The following journal entries will be prepared:

Date	Account Titles and Explanation	Debit	Credit
May. 1	Petty Cash	350.00
	Cash		350.00
May. 15	Janitorial Expense	109.20
	Miscellaneous Expense	89.15
	Postage Expense	60.90
	Advertising Expense	80.01
	Cash short and over		16.10
	Cash		323.16
May. 16	Petty Cash	200.00
	Cash		200.00
May. 31	Postage Expense	59.10
	Mileage Expense	47.05
	Delivery Expense	48.58
	Cash Shot and Over	20.00
	Cash		174.73
May. 31	Cash	50.00
	Petty Cash		50.00