Question: anyone know what I am missing here? All I need is how to get the correct answer for May 31 Kiona Company set up a

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 eheck for $300 to establish the potty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made nince May 1. May 15 a. Paid $93.60 for Janitorial expenses. May 15 b. Paid $76.41 for miscellaneous expenses. May 15c. Paid postage expenses of $2.20. 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 inerease the fund to $500. May 31 The petty cashier reports that $339.32 cash renains in the fund. A conpany check it drawn to replenish the fund for the following expenditures made oince May 15 . May 31 f. Paid postage expenses of $53.73. May 31g. Reimbursed the office manager for mileage expense, $42.78. May 31 h. Paid $44.17 in delivery expense for products to a custoner, terns FOB destination. May 31 The company decides that the May 16 increase in the fund was too large. It reduces the fund by 550 , 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 . (Round your answers to 2 decimal places.) Answer is complete but not entirely correct
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
