ces Kiona Company set up a petty cash fund for payments of

Last updated: 9/12/2023

ces Kiona Company 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 300 to establish the petty cash fund May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1 May 15 a Paid 93 60 for janitorial expenses May 15 b Paid 76 41 for miscellaneous expenses May 15 c Paid postage expenses of 52 20 May 15 d Paid 68 58 to Facebook for advertising expense May 15 e Counted 23 01 remaining in the petty cashbox May 16 Prepared a company check for 200 to increase the fund to 500 May 31 The petty cashier reports that 339 32 cash remains in the fund A company check is drawn to replenish the fund for the following expenditures made since May 15 May 31 f Paid postage expenses of 53 73 May 31 g Reimbursed the office manager for mileage expense 42 78 May 31 h Paid 44 17 in delivery expense for products 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 50 leaving a total of 450 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 Note Round your answers to 2 decimal places