E7.21 (LO 10) (Petty Cash) Kali Corp. established a petty cash fund early in 2023 to increase the efficier The company decided to set up the imprest fund at $500, and a cheque was issued for this amount and give During January, the petty cash custodian made the following disbursements and placed a receipt for each in The petty cash was replenished on January 22 when the amount of cash in the fund was $225.15. In June, af Instructions a. Prepare the journal entries to establish the petty cash fund, to reimburse it on January 22, and to incre: b. Describe where the petty cash will be reported on Kali's financial statements. c. Explain briefly why many companies have a policy of reimbursing the petty cash fund on each balances