Lewis Company set up a petty cash fund for payments of small amounts. The following transactions...

     

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)

Answer rating: 100% (QA)

solution Part 1 Date May01 Petty cash Cash General Journal May15 Janitorial expenses ... View the full answer