Deep Diving World established a $500 petty cash fund on July 1. During the month of July, petty cash was issued in exchange for the following receipts:

July 2Supplies$ 65

July 7Courier 10

July 10Postage 52

July 17Advertising125

July 18 Postage 20

July 25Advertising 47

July 28Courier70

On July 31, the cash is counted and the balance remaining is found to be $136. A cheque is issued to replenish the fund and increase the fund to $ 600 all at the same time.

Instructions

Prepare the necessary journal entries for July 1 and July 31.