Bill Jovi is reviewing the cash accounting for Martinez, Inc., a local mailing service. Jovi's review will focus on the petty cash account and the bank reconciliation for the month ended May 31, 2017. He has collected the following information from Martinez's bookkeeper for this task. as 1. The petty cash fund was established on May 10, 2017, in the amount of $262.50. 2. Expenditures from the fund by the custodian as of May 31, 2017, were evidenced by approved receipts for the following. Postage expense $34.65 Mailing labels and other supplies 68.25 I.C.U. from employees 31.50 60.32 Shipping charges (to customer) Newspaper advertising 23.94 Miscellaneous expense 16.12 on May 31, 2017, the petty cash fund was replenished and increased to $315.00; currency and coin in the fund at that time totaled $27.72. Bank Reconciliation THIRD NATIONAL BANK BANK STATEMENT Disbursements Receipts Balance $9,207.45 Balance, May 1, 2017 $29,400.00 Deposits Note payment direct from customer (interest of $31.50) 976.50 $32,707.50 Checks cleared during May Bank service charges 28.35 6,848.10 Balance, May 31, 2017 Martinez's Cash Account Balance, May 1, 2017 9,292.50 Deposits during May 2017 32,550.00 Checks written during May 2017 (33,426.75) Deposits in transit are determined to be $3,150.00, and checks outstanding at May 31 total $892.50. Cash on hand (besides petty cash) at May 31, 2017, is $258.30