Kiona Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash occurred in May (the last month of the company's fiscal year). May 1 Prepared a company check for $300 to establish the petty cash fund. ay 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. ay 15 a. Paid $93.60 for janitorial expenses. ay 15 b. Paid $76.41 for miscellaneous expenses. lay 15 c. Paid postage expenses of $52.20. lay 15 d. Paid $68.58 to Facebook for advertising expense. lay 15 e. Counted $23.01 remaining in the petty cashbox. ay 16 Prepared a company check for $200 to increase the fund to $500. lay 31 The petty cashier reports that $319.32 cash remains in the fund. A company check is drawn to replenish for the following expenditures made since May 15. lay 31 f. Paid postage expenses of $53.73. lay 31 g. Reimbursed the office manager for mileage expense, $42.78. lay 31 h. Paid $44.17 in delivery expense for products to a customer, terms FOB destination. Tax 31 The company decides that the May 16 increase in the fund was too large T+ reduces the fund by 550 lea
Kiona Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash occurred in May (the last month of the company's fiscal year). May 1 Prepared a company check for $300 to establish the petty cash fund. ay 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. ay 15 a. Paid $93.60 for janitorial expenses. ay 15 b. Paid $76.41 for miscellaneous expenses. lay 15 c. Paid postage expenses of $52.20. lay 15 d. Paid $68.58 to Facebook for advertising expense. lay 15 e. Counted $23.01 remaining in the petty cashbox. ay 16 Prepared a company check for $200 to increase the fund to $500. lay 31 The petty cashier reports that $319.32 cash remains in the fund. A company check is drawn to replenish for the following expenditures made since May 15. lay 31 f. Paid postage expenses of $53.73. lay 31 g. Reimbursed the office manager for mileage expense, $42.78. lay 31 h. Paid $44.17 in delivery expense for products to a customer, terms FOB destination. Tax 31 The company decides that the May 16 increase in the fund was too large T+ reduces the fund by 550 lea
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 2PA: On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare...
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