Question

Walker Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund o
GENERAL GOURNAL

1 Prepared a company check for $350 to establish the petty cash fund. 2 Prepared a company check to replenish the fund for th
4 The petty cashier reports that $200 cash remains in the fund. A company check is drawn to replenish the fund for the follow
IMPACT ON INCOME
Dates: May 01 to: May 31 Walker Company Trial Balance May 31, 2019 Account Title Debit Credit $ 6.395 5.500 2,700 16,000 500
Transaction Impact transaction has on income: Amount of increase (decrease) May 1) Prepared a company check for $350 to estab
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Answer #1
Walker Company
General Journal
Date Particulars Debit Credit
1-May Petty Cash 350
   Cash 350
15-May Petty cash
   Cash
15-May Janitorial services 120
misc expenses 90
postage expenses 60
Advertising expense 30
   Petty cash 300
16-May Petty cash 150
   Cash 150
31-May Petty cash 282
   Cash 282
Postage expenses 169
Mileage 85
Delivery expenses 28
   Petty cash 282
31-May Cash 120
   Petty cash 120
IMPACT ON INCOME
Transaction Impact Amount
May 1( prepared cheque of $350) None 0
May 15 (expenses) Decrease 300 (120+90+60+30)
May 16 (prepared company cheque of $150) None 0
May 31 (expenses) Decrease 282 (169+85+28)
May31 (reduce the fund) None 0
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