Christine's Music School created a $220 petty cash fund on October 1. During the month, the fund custodian authorized and signed petty cash tickets as follows:

Requirements
1. Record the journal entry to create the petty cash fund.
2. Assuming that the cash in the fund totals $55 on October 31, make the journal entry to replenish the petty cash fund.

Transcribed Image Text:

Petty Cash Ticket No. Item Account Debited Delivery Expense Postage Expense Supplies Expense Miscellaneous Expense Supplies Expense Amount Delivery of programs to customers $15 50 43 Mail package Newsletter 2 3 4 Key to closet Blank DVDS 19 10