Towle Company established a petty cash fund for $500 on January 1, 2016. At the end of the month, the petty cash fund contained cash of $238.60 and vouchers for the following cash payments: freight on goods shipped to customers, $67.00; postage, $75.00; miscellaneous expense, $79.22; entertainment expense, $36.00. Three distinct events affected the petty cash fund during January: 1. establishment of the fund; 2. making payments for various items from the fund; and 3. recognizing expenses and replenishing the fund at the end of the month Required: a) Record each of the events in the horizontal statements model below. Indicate with the dollar amount of the increase or decrease, or NA if the element is not affected. Assets = Liab + Equity Revenue. Expenses = Net Inc. Cash Cash + Petty Cash Towle Company established a petty cash fund for $500 on January 1, 2016. At the end of the month, the petty cash fund contained cash of $238.60 and vouchers for the following cash payments: freight on goods shipped to customers, $67.00; postage, $75.00; miscellaneous expense, $79.22; entertainment expense, $36.00. Three distinct events affected the petty cash fund during January: 1. establishment of the fund; 2. making payments for various items from the fund; and 3. recognizing expenses and replenishing the fund at the end of the month Required: a) Record each of the events in the horizontal statements model below. Indicate with the dollar amount of the increase or decrease, or NA if the element is not affected. Assets = Liab + Equity Revenue. Expenses = Net Inc. Cash Cash + Petty Cash b) Prepare journal entries for these events.