Loucks Company established a $200 petty cash fund on October 2, 2018. The fund is replenished at the end of each month. At the end of October 2018, the fund contained $37 in cash and the following receipts:
Office supplies .............................. $76
Lunch with client ........................... 48
Postage ....................................... 20
Miscellaneous ............................... 19
Required:
Prepare the necessary general journal entries to establish the petty cash fund on October 2 and to replenish the fund on October 31.