On January 2, Carson Car Rentals decided to set up a petty cash fund. The treasurer established the fund by writing and cashing a $300 check and placing the coin and currency in a locked petty cash drawer. Earl Paxton was designated as the custodian for the fund. During January, the following receipts were given to Paxton in exchange for cash from the fund:

A count of the cash in the drawer on January 31 revealed a balance of $74.10. The treasurer wrote and cashed a check on the same day to restore the fund to its original balance of $300.
Required
Prepare the necessary journal entries, with explanations, for January. Assume that all stamps and office supplies were used during the month.

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U.S. Post Office (stamps) Speedy Delivery Service Cake N Cookies (party for retiring employee) Office Supply Superstore (paper, pencils) $76.00 45.30 65.40 36.00