Lynn's Music School created a $250 petty cash fund on August 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 $99 on August 31, make the journal entry to replenish the petty cash fund.

Transcribed Image Text:

Petty Cash Ticket No. Account Debited Delivery Expense Postage Expense Supplies Expense Miscellaneous Expense Supplies Expense Item Amount Delivery of programs to customers Mail package Newsletter Key to closet Computer diskettes $12 47 25 41 30 2 3 4