GL0601 (Static) - Based on Problem 6-2A Kiona Company LO P2

Kiona Company 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 $300.00 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 $88.00 for janitorial services.
May 15	b. Paid $53.68 for miscellaneous expenses.
May 15	c. Paid postage expenses of $53.50.
May 15	d. Paid $47.15 to Facebook for advertising expense.
May 15	e. Counted $62.15 remaining in the petty cash box.
May 16	Prepared a company check for $200.00 to increase the fund to $500.00.
May 31	The petty cashier reports that $288.20 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 $147.36.
May 31	g. Reimbursed the office manager for business mileage, $23.50.
May 31	h. Paid $34.75 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 $100.00, leaving a total of $400.00.

Indicate the impact each transaction had on net income. Decreases to net income should be indicated with a minus sign.

Dates:

May 01

to:

April 30

Transaction	Impact transaction has on income:	Amount of increase (decrease)
May 15) Prepared a company check to replenish the fund for the following expenditures made since May 1: $88 for janitorial services, $53.68 for miscellaneous expenses, postage expenses of $53.50, $47.15 to Facebook for advertising expense. Counted $62.15 remaining in the petty cash box.
May 16 Prepared a company check for $200 to increase the fund to $500.
May 31 The petty cashier reports that $288.20 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 $147.36, business mileage, $23.50, $34.75 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 $100, leaving a total of $400.
In total, net income increased (decreased) by: