Business, 03.07.2020 20:01 shamiya15

Mitchell 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 $550 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 $194 for janitorial services.
B. Paid $101 for miscellaneous expenses.
C. Paid postage expenses of $68.
D. Paid $34 to The County Gazette (the local newspaper) for an
advertisement.
E. Counted $76 remaining in the petty cash box May 16 Prepared a
company check for $200 to increase the fund to $600.
May 31 The petty cashier reports that $240 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 $205.
G. Reimbursed the office manager for business mileage, $10.
H. Paid $34 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 $16, leaving a total of $440.

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Mitchell Co. set up a petty cash fund for payments of small amounts. The following transactions invo...

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