Lori€™s Music School created a $200 petty cash fund on May 1. During the month, the fund custodian authorized and signed petty cash tickets as follows:

Requirements
1. Record the journal entry to create the petty cash fund.
2. Assuming that the cash in the fund totals $52 on May 31, make the journal entry to replenish the petty cashfund.

Transcribed Image Text:

Petty Cash Ticket No Item Account Debited Amount $10 50 Delivery of programs to customersDelivery Expense Mail package Newsletter Key to closet Postage Expense Supplies Expense Miscellaneous Expense Supplies Expense 40 25 5 Computer diskettes