Lewis Company set up a petty cash fund for payments of small amounts. The following transactions...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Lewis 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 $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. May 15 a. Paid $110 for janitorial services. May 15 b. Paid 583 for miscellaneous expenses. May 15 c. Paid postage expenses of $55. May 15 d. Paid $27 to Facebook for advertising expense. May 15 e. Counted $89 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. May 31 f. Paid postage expenses of $169. May 31 g. Reimbursed the office manager for business mileage, $85. May 31 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. Date May 01 Account Title Debit Credit Prepared a company check to replenish the fund for the following expenditures made since May 1: $110 for janitorial services; $83 for miscellaneous expenses; postage expenses of $55; and $27 to Facebook for advertising expense. Counted $89 remaining in the petty cash box. Note: Enter debits before credits. Date May 15 Account Title Debit Credit Prepared a company check for $150 to increase the fund to $500. Note: Enter debits before credits. Date May 16 Account Title Debit Credit 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, reimbursed the office manager for business mileage, $85; and $28 to deliver merchandise to a customer, terms Note: Enter debits before credits. Date May 31 Account Title Debit Credit 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: $110 for janitorial services, $83 for miscellaneous expenses, postage expenses of $55, $27 to Facebook for advertising expense. Counted $89 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. Impact transaction has on income: In total, net income increased (decreased) by: Amount of increase (decrease) Lewis 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 $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. May 15 a. Paid $110 for janitorial services. May 15 b. Paid 583 for miscellaneous expenses. May 15 c. Paid postage expenses of $55. May 15 d. Paid $27 to Facebook for advertising expense. May 15 e. Counted $89 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. May 31 f. Paid postage expenses of $169. May 31 g. Reimbursed the office manager for business mileage, $85. May 31 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. Date May 01 Account Title Debit Credit Prepared a company check to replenish the fund for the following expenditures made since May 1: $110 for janitorial services; $83 for miscellaneous expenses; postage expenses of $55; and $27 to Facebook for advertising expense. Counted $89 remaining in the petty cash box. Note: Enter debits before credits. Date May 15 Account Title Debit Credit Prepared a company check for $150 to increase the fund to $500. Note: Enter debits before credits. Date May 16 Account Title Debit Credit 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, reimbursed the office manager for business mileage, $85; and $28 to deliver merchandise to a customer, terms Note: Enter debits before credits. Date May 31 Account Title Debit Credit 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: $110 for janitorial services, $83 for miscellaneous expenses, postage expenses of $55, $27 to Facebook for advertising expense. Counted $89 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. Impact transaction has on income: In total, net income increased (decreased) by: Amount of increase (decrease)
Expert Answer:
Answer rating: 100% (QA)
solution Part 1 Date May01 Petty cash Cash General Journal May15 Janitorial expenses ... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
Students also viewed these accounting questions
-
Kiona Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the companys fiscal year). May 1 Prepared...
-
Shawnee Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the companys fiscal year). May 1...
-
Dylan Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the companys fiscal year). May 1 Prepared...
-
The B.B. Lean Co. has 1.4 million shares of stock outstanding. The stock currently sells for $20 per share. The firm's debt is publicly traded and was recently quoted at 93 percent of face value. It...
-
Riggs Corporation has the following balance sheet information at December 31, 2016. Current liabilities...............................................$ 800,000 Convertible bonds ($1,000 par,...
-
Recognize the difference between probability and nonprobability sampling procedures.
-
Construct and interpret an R-chart and an x@chart from the sample data shown below. Remember to interpret the R-chart before the x@chart. L13028 Data for Exercise 13.28 Sample Measurements x R 1 2 3...
-
Maria Cohen is employed as a salesperson in the men's department of Lee's Fashions. In addition to her weekly base salary of $400 (35-hour week), Cohen is paid a commission of 1% on her total net...
-
HELP ASAP PLEASE The Stanton Company conveys $23,000 in cash to a private not-for-profit entity. The money must be used for a designated purpose. This conveyance is viewed as a conditional...
-
The shareholders of X Ltd. will vote at the forthcoming annual meeting on a proposal to establish a bonus plan for X Ltd. management, based on firm earnings. Proponents of the plan argue that...
-
Amber, Georgie, Ross, and Aaron have decide to combine their resources to form AGRA, Inc., a C-corporation. The shareholders contribute the following assets in exchange for stock in AGRA Adjusted...
-
What is brand awareness for Jam & Daisies ? their leaning advantage, consideration advantage, choice advantages? 5. what is the recommendation of brand awareness? 6. What is Brand recognition? 7....
-
On August 1st, Custom Car Co's work in process inventory was $24900; its raw materials inventory was $6000; manufacturing overhead had a $1800 debit balance. Work in Process Subsidiary Data 8/1:...
-
Case: Castoro & Partners, CPAs is auditing Cloud 9 for the FY2023. Cloud 9 is a small public company and has been an audit client of Castoro & Partners since 2018. Materiality Methodology: Overall...
-
1)Solve the following differential equations by Undetermined Coefficient Method. dy dx dy - 4- 4+ 4y = 16x2e2x dx
-
Every year Monty Industries manufactures 8,600 units of part 231 for use in its production cycle. The per unit costs of part 231 are as follows: Direct materials Direct labor Variable manufacturing...
-
Relevant cash flowsNo terminal valueCentral Laundry and Cleaners is considering replacing an existing piece of machinery with a more sophisticated machine. The old machine was purchased 3 years ago...
-
How can you tell from the vertex form y = a(x - h) 2 + k whether a quadratic function has no real zeros?
-
Why do companies offer a cash discount?
-
Following is the unadjusted trial balance for Alcorn Institute as of December 31, 2011, which initially records prepaid expenses and unearned revenues in balance sheet accounts. The Institute...
-
Galaxy Company completes the following transactions during the current year. May 9 Purchases 400 shares of X&O stock as a short-term investment in available-for-sale securities at a cost of $50 per...
-
Project Cost Management a. Use the resource and cost information provided in resource.mpp. b. Assign resources to the new tasks. Try to make the final cost about the same as that shown in the Project...
-
Project Time Management a. Enter realistic durations for each task, and then link appropriate tasks. Make the additional tasks fit the time estimate: 20 days for analysis tasks, 30 days for design...
-
Project Human Resources Management a. Two months after the project begins, give everyone on the team a 10 percent raise. Document the increase in costs that these raises cause. b. Use the Resource...
Study smarter with the SolutionInn App