Question 1 10 points Save Answer Spector Enterprises needs to establish a petty cash fund to pay for incidental expenses to be paid out for things such as expense reimbursements to delivery drivers. The owner decides that an opening balance of $150 would be appropriate. During the first month, the following expenses were incurred: Date Amount Item Parking costs May 2 May 7 $5.25 $17.85 Note paper May 8 May 13 May 21 May 27 Stamps Home Depot - door repairs Parking costs $12.75 $43.65 $7.95 $57.63 Copy paper At the end, there was $3.30 remaining in the petty cash fund. But while replenishing the petty cash fund, Spector Enterprises wishes to increase it to $200. Required: 1 mark a) Record the journal entry to establish the petty cash fund DR: CR: 5 marks b) Prepare a proper petty cash report for the month, grouping the expenses under the following headings: Delivery Expense, Advertising Expense, Office supplies and Maintenance. Date Item Delivery Exp Advertising Exp Office Supplies Exp Maintenance Total Totals: Amount needed to replenish fund: Opening Balance: Cash Remaining: Cash Over/Short 4 marks Prepare the journal entry to record the results of the report from part b) and to show the replenishment and increase of the fund. Debit Account name Credit Delivery Expense Advertising Expense Office Supplies Maintenance Cash over / short Petty Cash Bank