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Joseph Kiuvik is reviewing the cash accounting for Sarasota Corp., a local mailing service. Joseph's review will focus on the petty cash account and

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Joseph Kiuvik is reviewing the cash accounting for Sarasota Corp., a local mailing service. Joseph's review will focus on the petty cash account and the bank reconciliation for the month ended May 31, 2020. Joseph has collected the following information from Sarasota's bookkeeper: 1. The petty cash fund was established on May 10, 2020, in the amount of $400. 2. Expenditures from the fund as at May 31, 2020 were supported by approved receipts for the following: Postage expense Envelopes and other supplies $60 26 In-house business lunch provided to customers 98.50 Donation to local charity (Office Expense) 35 Shipping charges, for goods to customers 47.00 Newspaper advertising 22.80 Taxi for sales manager to attend meeting downtown (Miscellaneous Expense) 17.35 Freight paid on incoming purchases 36.80 3. On May 31, 2020, the petty cash fund was replenished and increased to $500; currency and coin in the fund at that time totalled $47.70. Sarasota's bookkeeper also provided the following summary bank statement and general ledger information:

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