Kiona 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. May 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.