Lynn€™s Music School created a $370 petty cash fund on August 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 $226 on August 31, make the journal entry to replenish the petty cashfund.

Transcribed Image Text:

Petty Cash Ticket No. Item Account Debited Amount 1 Delivery of programs to customers Delivery Expense S10 2 Mail package Postage Expense Supplies Expense Miscellaneous Expense Supplies Expense 50 Newsletter 4 Key to closet 5 Computer diskettes 40 25