Accounting Journal
Question
Accounting”Journal all entries by date for the following transactions…”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 company’s fiscal year).
| May 1 | Prepared a company check for $450 to establish the petty cash fund. |
| 15 | Prepared a company check to replenish the fund for the following expenditures made since May 1. |
| a. Paid $140.40 for janitorial services. | |
| b. Paid $114.62 for miscellaneous expenses. | |
| c. Paid postage expenses of $78.30. | |
| d. Paid $102.87 to The County Gazette (the local newspaper) for an advertisement. | |
| e. Counted $34.51 remaining in the petty cash box. | |
| 16 | Prepared a company check for $200 to increase the fund to $650. |
| 31 | The petty cashier reports that $437.13 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 $69.85. | |
| g. Reimbursed the office manager for business mileage, $55.61. | |
| h. Paid $57.41 to deliver merchandise to a customer, terms FOB destination. | |
| 31 | The company decides that the May 16 increase in the fund was too large. It reduces the fund by $50, leaving a total of $600. |
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