Problem 6.1 Petty cash Bay Boats Inc. established a petty cash fund for minor cash expenses. Prepare the petty cash journal entries with descriptions. Don't leave blank lines in the journal. May ! Established a $500 petty cash fund at the beginning of the month by withdrawing $500 from the bank and placing them in a petty cash box, entrusted to Mary Jones as cashier. May 31 The petty cash fund contained remaining cash of $127, and receipts for $65 postage, $123 office supplies, and $180 gasoline for company vehicles. Mary is not sure why the fund is short $5. She withdrew $373 from the bank and put the money into the box. June 30 The petty cash fund contained remaining cash of $35, and receipts for $265 postage, $160 office supplies, and $40 gasoline for company vehicles. Mary withdrew $715 and put the funds into the box. This amount reimburses the fund and increases its balance to $750