Question: Please solve provide narrations also with proper explanation and computation E8.7 (LO 2) Setterstrom Company established a petty cash fund on May 1, cashing a

Please solve provide narrations also with proper explanation and computation

E8.7 (LO 2) Setterstrom Company established a petty cash fund on May 1, cashing a check for $100. The company reimbursed the fund on June 1 and July 1 with the following results. Prepare journal entries for a petty cash fund. June 1: Cash in fund $1.75. Receipts: delivery expense $31.25, postage expense $39.00, and miscellaneous expense $25.00. July 1: Cash in fund $3.25. Receipts: delivery expense $21.00, entertainment expense $51.00, and miscellaneous expense $24.75. On July 10, Setterstrom increased the fund from $100 to $130. Instructions Prepare journal entries for Setterstrom Company for May 1, June 1, July 1, and July 10

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