GL0601 - Based on Problem 6-2A LO P2 Walker 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 $120 for janitorial services. b. Paid $90 for miscellaneous expenses. c. Paid postage expenses of $60. 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 $169. 9. Reimbursed the office manager for business mileage, $85. 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. Income General Requirement General Impact on Journal Ledger Trial Balance General Journal & General Journal he necessary journal entries. General Ledger and Trial balance tabs -Review the general ledger and trial balance tabs. Impact on Net Income tab - Calculate the impact each entry had on net income, if any. General Journal > Requirement General Journal General Ledger Trial Balance Impact on Income Prepare the journal entries for each of the petty cash transactions. View transaction liste View journal entry worksheet Account Title May 01 No Transaction Recorded No Date Debit Credit 1 2 May 15 No Transaction Recorded Requirement General Ledger > Requirement General Journal General Ledger Trial Balance Impact on Income See how your entries updated the account balances. Dates: May 01 to: May 31 General Ledger Account Cash Inventory No. Date Debit Credit No. Date Debit Credit Balance 6,395 Balance 5,500 Apr 30 Apr 30 Service revenue Walker, Capital Debit Credit No. No. Debit Credit Date Apr 30 Balance 2,700 Date Apr 30 Balance 16,000 Janitorial expenses Debit Credit Insurance expense Debit Credit No. Balance No. Balance Date Apr 30 Date Apr 30 500 1,560 Rent expense Postage expenses No. Debit Credit No. Debit Credit Date Apr 30 Balance 3,000 Date Apr 30 Balance 200 Miscellaneous expenses Debit Credit Mileage expense Debit Credit No. Date Balance No. Date Apr 30 Balance 80 Apr 30 750 Advertising expense Debit Credit Delivery expense Debit Credit No. Date No. Balance 540 Date Apr 30 Balance 175 Apr 30 Requirement General Journal General Ledger Trial Biance Impact on Income See how your entries updated the trial balance. 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 Cash Inventory Walker, Capital Service revenue Janitorial expenses Insurance expense Rent expense Postage expenses Miscellaneous expenses Mileage expense Advertising expense Delivery expense Total 500 1,560 3,000 200 750 80 540 175 18,700 $ 18,700 General Ledger Impact on Income General General Impact on Requirement Journal Ledger Trial Balance Income Indicate the impact each transaction had on net income. Decreases to net income should be indicated with a minus sign. Dates: May 01 to: May 31 Transaction Amount of increase Impact transaction has on income: (decrease) 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: $120 for janitorial services, $90 for miscellaneous expenses, postage expenses of $60, $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 $169, business mileage, $85, $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: $