8. The following petty cash transactions of Grayson Golf Equipment occurred in May: May 1 Established a petty cash fund with a $300 balance. May 31 The petty cash fund has $25 in cash and $271 in petty cash tickets that were issued to pay for Office Supplies ($168), Delivery Expense ($31), Postage Expense ($58) and Miscellaneous Expense ($14). The petty cash custodian replenished the fund and recorded the expenses. Prepare journal entries. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Journalize the establishment of the petty cash fund. Date Accounts and Explanation Debit Credit May 1 Choose from any list or enter any number in the input fields and then click Check