Suppose that on June 1, Fab Gyrations, a disk service creamed a petty ash fund with an impress balance of $450. During June Al Franklin fund custodian, signs the following petty cash tickets (see the attachment)

June 30 prior to replenishment, the fund contains thee tickets plus cash of $287. The account affected by petty cash payment are office Supplies, entertainment expenses, and postage expense.

Requirement:

1.OnJune 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 $550. Include an explanation.

Petty Cash Ticket Number Item 1 Postage for package received 2 Office party 3 Two boxes of stationery 4 Printer cartridges 5 Business dinner Amount $30 10 35 20 65