On November 30, CY, the petty cash fund on record of NEW LINE ENTERPRISES amounted to P3,000. The management noticed that the petty cash fund was frequently replenished due to the volume of petty expenses disbursed every day. On December 8, CY, the management write a check amounting to P2,000 payable the petty cash custodian increasing the petty cash fund. During the month of December, CY, the petty cash fund transactions are as follows: Week 1: Transportation expenses P545 Delivery expenses 275 Office supplies 232 Representation expenses 325 Repairs and maintenance expenses 308 Miscellaneous expenses 100 Week 2: Donation expenses P 500 Office supplies 225 Transportation expenses 280 Freight-in 115 Utilities expenses 247 Miscellaneous expenses 154 The check was written payable to the petty cash custodian equivalent to the total amount spent as replenishment of the petty cash fund during the first and second week of December, CY. Week 3: Transportation expenses Delivery expenses Communication expenses P 516 209 185 Employees advances Representation expenses. 500 320 Miscellaneous expenses 145 Week 4: Repairs and maintenance expenses P 300 Delivery expenses 505 Transportation expense 524 Mailing expenses 268 Miscellaneous expense 173 No replenishments of petty cash fund were made until December 31, CY. The business closes it books of accounts every December 31. Required: 1. Record the foregoing petty cash transaction in the two column General Journal using both Revolving fund method and Imprest fund method. (20 pts.) 2. Post the transactions to the General Ledger (Petty Cash Fund only) and compare the balances between revolving fund method and imprest fund method. (10 pts.) 3. Journalized the necessary adjusting entries of December 31, CY, to bring the balances to its correct amount. (10 pts.) 4. Prepare reversing entry if necessary in the beginning of the following period. (10 pts.)