GL0601 - Based on Problem 6-2A LO P2

King Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May.

May		1		Prepared a company check for $350 to establish the petty cash fund.
May		15		Prepared a company check to replenish the fund for the following expenditures made since May 1.
				a. Paid $119 for janitorial services.
				b. Paid $89 for miscellaneous expenses.
				c. Paid postage expenses of $59.
				d. Paid $30 to Facebook for advertising expense.
				e. Counted $64 remaining in the petty cash box.
May		16		Prepared a company check for $150 to increase the fund to $500.
May		31		The petty cashier reports that $200 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 $172.
				g. Reimbursed the office manager for business mileage, $86.
				h. Paid $28 to deliver merchandise 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 $120, leaving a total of $380.

• Prepared a company check to replenish the fund for the following expenditures made since May 1: $119 for janitorial services; $89 for miscellaneous expenses; postage expenses of $59; and $30 to Facebook for advertising expense. Counted $64 remaining in the petty cash box.
• Prepared a company check for $150 to increase the fund to $500.
• The petty cashier reports that $200 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15: postage expenses of $172, reimbursed the office manager for business mileage, $86; and $28 to deliver merchandise to a customer, terms FOB destination.
• The company decides that the May 16 increase in the fund was too large. It reduces the fund by $120, leaving a total of $380.

GL0601 - Based on Problem 6-2A LO P2 King Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in E May. May 1 Prepared a company check for $350 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. a. Paid $119 for janitorial services. b. Paid $89 for miscellaneous expenses. C. Paid postage expenses of $59. d. Paid $30 to Facebook for advertising expense. e. Counted $64 remaining in the petty cash box. May 16 Prepared a company check for $150 to increase the fund to $500. May 31 The petty cashier reports that $200 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 $172. 8. Reimbursed the office manager for business mileage, $86. h. Paid $28 to deliver merchandise 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 $120, leaving a total of $380. Requirement General Journal General Ledger Trial Balance Impact on Income Prepare the journal entries for each of the petty cash transactions. View transaction list Journal entry worksheet Requirement General Journal General Ledger Trial Bala Trial Balance Impact on Income See how your entries updated the account balances. Dates: May 01 to: May 31 - General Ledger Account Cash Debit Inventory Debit No. / Credit No. Credit Date Apr 30 Balance 7,210 Date Apr 30 Balance 5,400 King, Capital Debit Service revenue Debit Credit No. Credit Balance No. Date Apr 30 Date Apr 30 Balance 16,000 2,700 Janitorial expenses Debit Credit Insurance expense Debit Credit No. No. Date Apr 30 Balance 500 Date Apr 30 Balance 1,500 Rent expense Debit Credit Postage expenses Debit Credit No. No. Balance Date Apr 30 Balance 2,520 Date Apr 30 200 Miscellaneous expenses / Debit Credit Mileage expense Debit Credit No. No. Balance Date Apr 30 Balance 750 Date Apr 30 80 Delivery expense Advertising expense Debit Credit No. Balance No. Debit Credit Date Apr 30 Date Apr 30 Balance 160 380 Requirement General Journal General Ledger Trial Balance Impact on Income See how your entries updated the trial balance. Dates: May 01 to: May 31 King Company Trial Balance May 31, 2019 Account Title Debit Credit 7,210 5,400 2.700 16,000 500 Cash Inventory King, Capital Service revenue Janitorial expenses Insurance expense Rent expense Postage expenses Miscellaneous expenses Mileage expense Advertising expense Delivery expense Total 1,500 2,520 200 80 380 160 18,700 $ 18,700 Requirement General Journal General Ledger Trial Balance Impact on Income Indicate the impact each transaction had on net income. Decreases to net income should be indicated with a minus sign. to: May 31 Dates: May 01 Impact transaction has on income: Amount of increase (decrease) Transaction May 1) Prepared a company check for $350 to establish the petty cash fund. May 15) Prepared a company check to replenish the fund for the following expenditures made since May 1: $119 for janitorial services, $89 for miscellaneous expenses, postage expenses of $59 $30 to Facebook for advertising expense. Counted $64 remaining in the petty cash box. May 16 Prepared a company check for $150 to increase the fund to $500. May 31 The petty cashier reports that $200 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15: postage expenses of $172, business mileage, $86, $28 to deliver merchandise 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 $120, leaving a total of $380. In total, net income increased (decreased) by: