Arvel Ltd. established a 100 petty cash fund on August 1. On August 31, the fund had

Question:

Arvel Ltd. established a £100 petty cash fund on August 1. On August 31, the fund had £6 cash remaining and petty cash receipts for postage £31, office supplies £44, and miscellaneous expense £16. Prepare journal entries to establish the fund on August 1 and replenish the fund on August 31.