Petty Cash Ticket Number Item Amount own Postage for package received Office party Two boxes of stationery Printer cartridges Business dinner Print Done Requirements 1. On June 30, how much cash should this petty cash fund hold before it is replenished? 2. Journalize all required entries to (a) create the fund and (b) replenish it. Include explanations. 3. Make the entry on May 1 to increase the fund balance to $525. Include an explanation. Print Done Suppose that on June 1, Party Gyrations, a disc jockey service, creates a petty cash fund with an imprest balance of $500. During June, Al Franklin, fund custodian, signs the following petty cash tickets (Click the icon to view the petty cash tickets.) On June 30, prior to replenishment, the fund contains these tickets plus cash of $366. The accounts affected by petty cash payments are Office Supplies, Entertainment Expense, and Postage Expense. Read the requirements. Requirement 1. On June 30, how much cash should this petty cash fund hold before it's replenished? Before replenishment, the petty cash fund should hold cash of $ Requirement 2. Journalize all required entries to (a) create the fund and (b) replenish it. Include explanations. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Journalize the creation of the fund. Date Accounts and Explanation Debit Credit Jun. 1 Journalize the replenishment of the fund. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit Jun. 30 Requirement 3. Make the entry on May 1 to increase the fund balance to $525. Include an explanation. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit May 1