In June, a local Amtrak office established a petty cash fund with Terrell Noman as its

custodian. Terrell received and cashed a company check of $$175$ to establish the fund.

During that month, Terrell paid cash from the fund for supplies $($$$30),$ delivery charges

$($$$80),$ and other minor office expenses $($$$40).$ On July $10,$ he received a company check

for $$150$ to replenish the fund.

Required:

Prepare the journal entry required in June.

Prepare the journal entry required in July.

Explain why it may be appropriate or inappropriate to wait until July to record the

payments from the petty cash fund.