GLO601 Based on Problem 6-2A LO P2 Carter 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 $500 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 $177 for janitorial services. b. Paid $133 for miscellaneous expenses. c. Paid postage expenses of $89 d. Paid $44 to The County Gazette (the local newspaper) for an advertisement. e. Counted $65 remaining in the petty cash box May 16 Prepared a company check for $200 to increase the fund to $700 May 31 The petty cashier reports that $280 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 $246 g. Reimbursed the office manager for business mileage, $123 h. Paid $41 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 $160, leaving a total of $540 Requirement Gral ournal General Ledger Impact on ncome Trial Balance Dates: May 01 to: May 31 Impact transaction has on Amount of increase decrease May 1) Prepared a company check for $500 to establish the pety cash fund Net income was unchanged May 15) Prepared a company check to replenish the fund for the following expenditures made since May 1: $177 for janitorial services, $133 for miscellaneous expenses, postage expenses of $89 $44 for an advertisement Counted $85 remaining in the petty cash box. Net income decreased by: May 16 Prepared a company check for $200 to increase the fund to $700. Net income was unchanged May 31 The petty cashier reports that $280 cash remains in the fund. A replenish the fund for the following expenditures made since May 15: postage expenses of $248 business mileage, $123, $41 to deliver merchandise to a customer, terms FOB destinstion. company check is drawn to et income Net income decreased by: May 31 The company decides that the May 18 increase in the fund was too large. It reduces the Net income was unchanged fund by $180, leaving a total of S540. In total, net income increased (decreased) by: S