Having problems with cash over and short accounting problem.?

Question

I've worked most of the problem, but there's one part that I can't seem to figure out...

Prompt:

Shawnee 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 $350.00 to establish the petty cash fund.
15 Prepared a company check to replenish the fund for the following expenditures made since May1.

a. Paid $109.20 for janitorial services.
b. Paid $89.14 for miscellaneous expenses.
c. Paid postage expenses of $60.90.
d. Paid $80.01 to The County Gazette (the local newspaper) for an advertisement.
e. Counted $26.85 remaining in the petty cash box.
16 Prepared a company check for $200 to increase the fund to $550.

31 The petty cashier reports that $355.27 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 $59.10.

g. Reimbursed the office manager for business mileage, $47.05.

h. Paid $48.58 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 $500.

Required:
1. Prepare journal entries to establish the fund on May 1, to replenish it on May 15 and on May 31, and to reflect any increase or decrease in the fund balance on May 16 and May 31. (Round your answers to 2 decimal places. Omit the "$" sign in your response.)



So, the problem that I'm having is with May 31 (the first one).

I have to fill in:

Debit
Cash over Short-
Postage Expenses- $59.10
Mileage Expense- $47.05
Delivery Expense- $48.58

Credit
Cash- ? (can't do this until I know the cash over short)


Any help would be great! Thank you

Answer 1

1. Prepare journal entries to establish the fund on May 1, to replenish it on May 15 and on May 31, and to reflect any increase or decrease in the fund balance on May 16 and May 31.



May 1

Dr Petty Cash 350

Cr Cash 350



May 15

350 - 26.85 = 323.15 cash to replenish fund

Dr Janatorial Expense 109.20

Dr Miscellaneous Expense 89.14

Dr Postage Expense 60.90.

Dr Advertising Expense 80.01

Cr Cash 323.15

Cr Over/Short 16.10



May 16

Dr Petty Cash 200

Cr Cash 200



May 31

550 - 355.27 = $194.73 cash to replenish fund

Dr Postage Expense 59.10.

Dr Mileage Expense 47.05.

Dr Delivery Expense 48.58

Dr Over/Short 40

Cr Cash 194.73



May 31

Dr Cash 50

Cr Petty Cash 50

Answer 2

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Answer 3

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Answer 4

having problems with journal entries for reimburse and increase fund amount.