Exercise 6-15A (Algo) Determining the amount of petty cash expense LO 64 Consider the following events: 1. A petty cash fund of $75 was established on April 1, Year 1 . 2. Employees were reimbursed when they presented petty cash vouchers to the petty cash custodian. 3. On April 30, Year 1, the petty cash fund contained vouchers totaling $65.47 plus $8.83 of currency. Required: Answer the foliowing questions: a. How did the establishment of the petty cash fund affect (increase, decrease, or have no effect on) total assets? Increase Decrease No offect b. What is the amount of total petty cash expenses to be recognized during April? Note: Round your answer to 2 decimal places. Exercise 6-14A (Algo) Effect of petty cash events on the financial statements LO 6-4 Fresh Foods established a petty cash fund of $80 on January 2. On January 31 , the fund contained cash of $8.00 and vouchers for the following cash payments: The four distinct accounting events affecting the petty cash fund for the period were (7) establishment of the fund, (2) reimbursements made to employees, and (3) recognition of expenses including any amount of cash short or over and (4) replenishment of the fund. Assume the Company uses the alternative approach to petty cash expense recognition and replenishment. Required: Show each of the four events in the following horizontal statements model. Note: Enter any decreases to account balances with a minus sign. For changes on the Statement of Cash Flows, indicate whether the item is an operating activity (OA), investing activity (IA), financing activity (FA), or leave the cell blank if there is no effect. Round your answers to 2 decimal places