On October 1, 2018, Michaels Company establishes an imprest petty cash fund by issuing a check for $175 to James Blunt, the custodian of the petty cash fund. On October 31, 2018, James Blunt submitted the following paid petty cash receipts for replenishment of the petty cash fund when there is $16 cash in the fund:

Freight-In $25

Supplies Expense 32

Entertainment of Clients 55

Postage Expense 24

Instructions

Prepare the journal entries required to establish the petty cash fund on October 1 and the replenishment of the fund on October 31.