Midterm Exam QUESTIONS: 28.04.2021 1. ABC Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in June: June 1 Deposited $350 to establish the petty cash fund. 15 Paid $339.26 for miscellaneous expenditures made since June 1. Counted $16.84 remaining in the petty cash box. 16 Replenished the fund and deposited for $200 more to increase the fund to $550. 31 The cashier reports that $390.27 cash remains in the fund. Paid $154.73 for miscellaneous expenditures made since May 15. 31 The company decides that the May 16 increase in the fund was too large. It reduces the fund by $50, leaving a total of $500. Required: Prepare journal entries to establish the fund on June 1, to replenish it on June 15 and on June 31. and to reflect any increase or decrease in the fund balance on June 16 and June 31