Accounting for petty cash transactions Suppose that on September 1, Bash Gyrations, a disc jockey service, creates a petty cash funds with an imprest balance of $250. During September, Ruth Mangan, fund custodian, sighs the following petty cash tickets: Petty cash ticket number Item Amount 1 Postage for package received $30 2 Office party 10 3 Two boxes of stationery 25 4 Printer cartridges 35 5 Business dinner 65 On September 30, prior to replenishment, the fund contains these tickets plus cash of $80. The accounts affected by petty cash payments are Office Supplies, Entertainment Expense, and Postage Expense. Requirement 1. On September 30, how much cash should this petty cash fund hold before it is replenished? 2. Journalize all required entries to (a) create the fund and (b) replenish it. Include explanations. 3. Make the entry on October 1 to increase the fund balance to $325. Include an explanation