C D E B Problem 1 PETTY CASH JOURNAL ENTRIES (3 journal entries) 40 points 4 5 6 17 18 19 20 On January 1, 2020, Foster Company establishes a petty cash fund by issuing a check for $150 to Jill Nott, the custodian of the petty cash fund. On January 31, Jill Nott submitted the following paid petty cash receipts for replenishment of the petty cash fund: Freight-in 25 Supplies expense 35 Entertainment expense 60 Postage expense 20 21 22 On January 31, in addtition to the receipts, there was $7 cash left in the petty cash drawer. 23 24 A 25 26 27 Prepare the journal entries required to: Establish the petty cash fund on January 1 Replenish the fund on January 31 Increase the petty cash fund to $200 on February 1 28 29 B Describe some internal control procedures that need to be applied to a petty cash fund. 30 31 Date 32 Account Title Debit Credit 33 34 35