Question: Indicate the impact each transaction had on net income. Note: Decreases to net income should be indicated with a minus sign. Dates:April 30to:April 30 Transaction
Indicate the impact each transaction had on net income. Note: Decreases to net income should be indicated with a minus sign. Dates:April 30to:April 30 Transaction Impact transaction has on income: Amount of increase (decrease) May 1) Prepared a company check for $550 to establish the petty cash fund. Net income was unchanged May 15) Prepared a company check to replenish the fund for the following expenditures made since May 1: $194 for janitorial services, $145 for miscellaneous expenses, postage expenses of $97, $48 to Facebook for advertising expense. Counted $77 remaining in the petty cash box. Net income decreased by: May 16 Prepared a company check for $250 to increase the fund to $800. Net income was unchanged May 31 The petty cashier reports that $320 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 $280, business mileage, $140, $46 to deliver merchandise to a customer, terms FOB destination. Net income decreased by: May 31 The company decides that the May 16 increase in the fund was too large. It reduces the fund by $200, leaving a total of $600
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