Problem
On October 1, 2016, Jones Company established a $400 petty cash fund. At the end of October, the petty cash fund contained the following petty cash tickets.
Postage $73.50
Office Supplies $87.55
Miscellaneous items $90.95
1) Prepare the journal entry to establish the petty cash fund on October 1.
2) Prepare the journal entry to replenish the fund on October 31.
3) Prepare the journal entry to increase the fund to $600 on November 1.