P7-2A Forney Company maintains a petty cash fund for small expenditures. The follow- Journalize and post petty ing transactions occurred over a 2-month period July 1 Established petty cash fund by writing a check on Scranton Bank for $200 cash fund transactions. (LO 2) 15 Replenished the petty cash fund by writing a check for $196.00. On this date, the fund consisted of $4.00 in cash and the following petty cash receipts freight-out $92.00, postage expense $42.40, entertainment expense $46.60, and miscellaneous expense $11.20 Replenished the petty cash fund by writing a check for $192.00. At this date, the fund consisted of $8.00 in cash and the following petty cash receipts freight-out $82.10, charitable contributions expense $45.00, postage expense $25.50, and miscellaneous expense $39.40 Replenished the petty cash fund by writing a check for $187.00. On this date, the fund consisted of $13.00 in cash and the following petty cash receipts freight-out $77.60, entertainment expense $43.00, postage expense $33.00, and miscellaneous expense $37.00 Increased the amount of the petty cash fund to $300 by writing a check for $100 Replenished the petty cash fund by writing a check for $284.00. On this date, the fund consisted of $16 in cash and the following petty cash receipts: postage expense $140.00, travel expense $95.60, and freight-out $47.10 GLS 31 Aug. 15 16 31 Instructions (a) Journalize the petty cash transactions (b) Post to the Petty Cash account (c) What internal control features exist in a petty cash fund? (a) July 15, Cash short $3.80 (b) Aug. 31 balance $300