tra 27-5A Malik Retail Shop allows customers to use debit and bank credit cards as well as cash for purchases of Re merchandise. The company does not accept personal cheques. Malik's bank charges $1.25 for every debit card transaction and 2.0% for bank credit card transactions. On July 1, the company established a petty cash fund. Before it created the petty cash fund, cash was taken in From the cash register whenever someone needed cash to pay for a small expense. The following transactions happened in July: uly 1 Established the petty cash fund by cashing a cheque for $300 . 0 0 0 -8 Total sales for the week were $32,750. Customers paid for these purchases as follows: $12,081 in cash, $8,943 on debit cards (134 transactions), and the balance using bank credit cards. 8 Replenished the petty cash fund. On this date, the fund consisted of $87 in cash and the following petty cash receipts: Freight out a nd dialbog $690 bolsa das Supplies lydobron a m 35 horoba Advertising in local paper mu samo 46 Ilsbor g Personal withdrawal by owner, R. Malik 58 15 Total sales for the week were $29,050. Customers paid for these purchases as follows: $10,912 in cash, $9,832 on debit cards (156 transactions), and the balance using bank credit cards. 25 Replenished the petty cash fund and decreased the balance to $250. On this date, the fund consisted of $16 in cash and the following petty cash receipts: Postage Oor $79 Advertising in local newspaper Esde 932 Supplies R o be 98 Instructions (a) Record the transactions. Round to the nearest dollar. (b) What are the benefits of having a pet What are the benefits of having a petty cash fund instead of paving small expenses from the cash register receipts? What policies and procedures sho Poncies and procedures should Malik follow to ensure there is good internal control over its petty cash fund? d transac