Kiona Co. set up a petty cash fund for payments of small amounts. The following...
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Accounting
Kiona 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 $300.00 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 $88.00 for janitorial services.
b. Paid $53.68 for miscellaneous expenses.
c. Paid postage expenses of $53.50.
d. Paid $47.15 to Facebook for advertising expense.
e. Counted $62.15 remaining in the petty cash box.
May
16
Prepared a company check for $200.00 to increase the fund to $500.00.
May
31
The petty cashier reports that $288.20 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 $147.36.
g. Reimbursed the office manager for business mileage, $23.50.
h. Paid $34.75 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 $100.00, leaving a total of $400.00.
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