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Exercise 3 (Chapter 8) Gulf Company established a petty cash fund in April of the current year and experienced the following transactions affecting the fund

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Exercise 3 (Chapter 8) Gulf Company established a petty cash fund in April of the current year and experienced the following transactions affecting the fund during April April 1 Prepared a company check for $400.00 to establish the petty cash fund. 25 Prepared a company check to replenish the fund for the following expenditures made since April 1. a. Paid $124.50 for cleaning services b. Paid $84.00 for postage expense. o. Paid $153.15 for office supplies. d. Counted $33.35 remaining in the petty cash box 25 The company decides to increase the fund by $100. Required: Prepare journal entries to establish the fund on April 1, to replenish it on April 25, and to record the increase in the fund on April 25

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