On October 1, 2024, Skysong Company establishes a petty cash fund by issuing a cheque for $370 to Steven Wood, the custodian of the petty cash fund. On October 31, 2024, Steven Wood submitted the following paid petty cash receipts for replenishment of the petty cash fund when there is $42 cash in the fund: Freight in Supplies expense Entertainment of clients Postage $45 119 94 58 Prepare the journal entries required to establish the petty cash fund on October 1 and the replenishment of the fund on October 31. The company uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not manually List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, for the amounts.)

On October 1, 2024, Skysong Company establishes a petty cash fund by issuing a cheque for $370 to Steven Wood, the custodian of the petty cash fund. On October 31, 2024, Steven Wood submitted the following paid petty cash receipts for replenistiment of the petty cash fund when there is $42 cash in the fund: Prepare the journal entries required to establish the petty cash fund on October 1 and the replenishment of the fund on October 31. The company uses a perpetual inventory system. (Credit occount tiles are automatically indented when the amount isentered. Do not