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Petty cash single calculation questionKiona Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund 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.15 Prepared a company check to replenish the fund for the following expenditures made since May 1. a. Paid $93.60 for janitorial services. b. Paid $76.41 for miscellaneous expenses. c. Paid postage expenses of $52.20. d. Paid $68.58 to The County Gazette (the local newspaper) for an advertisement. e. Counted $23.01 remaining in the petty cash box.
16 Prepared a company check for $200 to increase the fund to $500.31 The petty cashier reports that $329.32 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 $53.73.g. Reimbursed the office manager for business mileage, $42.78.h. Paid $44.17 to deliver merchandise to a customer, terms FOB destination.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 $450.
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