please answer as quickly as possible O only have 20 minutes to do this

for expenditures. However, there was only $11 in cash in the fund. In addition, the size of the petty cash fund was Reed sorted the petty cash receipts by accounts affected and exchanged them for a cheque to reimburse the fund 2. Prepare a summary of petty cash payments, similar to Exhibit 7.3 that has these categories: delivery pense, auto expense, postage expense, merchandise inventory, and office supplies. Sort the payments low Problem 7-2A Establishing, reimbursing, and increasing the petty cash fund L04 Halifax Fitness Consulting completed the following petty cash transactions during February 2020: Feb 2 gave on delivewo Columns) 5 12 14 20 23 25 28 28 Prepared a $360 cheque, cashed it, and the proceeds and the petty cash box to Nick Reed, the petty cashier. cos Purchased paper for the copier, $22 Paid $38 COD charges on merchandise purchased for resale. Assume Halifax Fitness Consulting uses the perpetual method to account for merchandise inventory Pald $17 postage to express mail a contract to a client Reimbursed Kim Marin, the manager of the business, $148 for business auto expenses. Purchased stationery. $65. Paid a courier $8 to deliver merchandise sold to a customer. Paid $20 COD charges on merchandise purchased for resale. Paid $24 for stamps. Increased to $500. Required 1. Prepare a journal entry to record establishing the petty cash fund. the appropriate categories and total the expenditures in each category. 3. Prepare the journal entry to record the reimbursement and the increase of the fund. CHAPTER 7 Internal Control and Cash Analysis Component: One of your responsibilities as an employee with Halifax Fitness is to handle the petty cash fund. You are concerned about the auto expense claims made regularly by Kim Marin, the manager who hired you: Kim tells you how much the expenditures are and you give her the cash out of petty cash. Kim has never given you receipts to substantiate her claims. The owner of the business is visiting and asks you how things are going. What should you do, if anything? Explain