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Turner 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 $400 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 $137 for janitorial services. b. Paid $103 for miscellaneous expenses. c. Paid postage expenses of $68 d. Paid $34 to The County Gazette (the local newspaper) for an advertisement. e. Counted $66 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 $210 g. Reimbursed the office manager for business mileage, $105 h. Paid $35 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 $160, leaving a total of $440

General Journal Impact orn Requirement Trial Balance Ledger Prepare the journal entries for each of the petty cash transactions. No Account Title Debit May 01 Petty cash 400 Cash 400 137 103 68 Janitorial expenses Postage expenses Advertising expense Cash 334 May 16 Petty cash 200 Cash 210 105 35 110 May 31 Postage expenses Mileage expense Delivery expense Cash ower and short Cash No journal entry required Cash 160 Petty cash 160 General Ledger>

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Requirements are highlighed in Yellow: Ignore the explanation lines in blue while Input: Solution: Journal Entries Date Account title and explaination Debit Credit S 400.0 May.01 Petty Cash Cash S 400.0 (To establish the petty cash fund) 137.0 $ 103.0 $ 68.0 $ 34.0 May.15 Janitorial expenses Miscellaneous expenses Postage expenses Advertising expense Cash over and short Cash To replenish the petty cash fund) (plug) $ 8.0 334.0 (400-66) May.16 Petty Cash $ 200.0 Cash $ 200.0 To increase the petty cash fund) 210.0 $ 105.0 $ 35.0 $ 10.0 May.31 Postage expenses Mileage expense Delivery expense Cash over and short Cash To replenish the petty cash fund) (plug) (400+200)-(240 360.0 May.31 Cash $ 160.0 $ 160.0 Petty Caslh To reduce the petty cash fund)

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