Kiona Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cas

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Kiona Company set up a petty cash fund for payments of smallamounts. The following transactions involving the petty cash fundoccurred in May (the last month of the company's fiscalyear).
Required:Prepare journal entries to establish the fund on May 1, toreplenish it on May 15 and on May 31, and to reflect any increaseor decrease in the fund balance on May 16 and May31. (Round your answers to 2 decimalplaces.)

Kiona Company Set Up A Petty Cash Fund For Payments Of Small Amounts The Following Transactions Involving The Petty Cas 1 (50.17 KiB) Viewed 17 times

Journal entry worksheet < 1 2 3 Date May 01 Prepared a company check for $400 to establish the petty cash fund. Note: Enter debits before credits. 4 5 Petty cash Cash General Journal Debit 400.00 Credit 400.00 >

Journal entry worksheet < 1 2 Date May 15 3 Prepared a company check to replenish the fund for the expenditures made since May 1. Note: Enter debits before credits. Record entry 4 5 General Journal Clear entry Debit Credit View general journal

Prepared a company check for $200 to increase the fund to $600. Note: Enter debits before credits. Date May 16 Record entry General Journal Clear entry Debit Credit View general journal

Journal entry worksheet < 1 2 3 Note: Enter debits before credits. Date May 31 Prepared a company check to replenish the fund for the expenditures made since May 15. A Record entry 5 General Journal Clear entry Debit Credit View general journal

Journal entry worksheet < 1 2 3 Note: Enter debits before credits. Date May 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 $550. LO Record entry 5 General Journal Clear entry Debit Credit View general journal