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Exercise 7-8 Petty cash fund L04 Dallas Repairs completed the following petty cash transactions during...

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Exercise 7-8 Petty cash fund L04 Dallas Repairs completed the following petty cash transactions during July 2020: July 5 6 12 14 18 Prepared a $250 cheque, cashed it and turned the proceeds and the petty cash box over to Elliott Grace, the petty cash custodian. Paid $18.00 courier fees. Purchased file folders, $12.50. Reimbursed Dara Bains, the manager of the business, $34.26 for office supplies purchased. Purchased paper for printer, $42.15. Purchased stamps, $23.00 Reimbursed Dara Bains $64.80 for business car expenses. Elliott Grace sorted the petty cash receipts by accounts affected and exchanged them for a cheque to reimburse the fund for expenditures. However, there was $51.04 in cash in the fund. R Pur 30 31 Required 1. Prepare a general journal entry to record establishing the petty cash fund. 2. Prepare a summary of petty cash payments similar to Exhibit 7.2 that has these categories: delivery expense, auto expense, postage expense, merchandise inventory, and office supplies. 3. Prepare the general journal entry to record the reimbursement of the fund

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