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Petty Cash was established with a balance of $200. At the end of the month,...

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Accounting

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Petty Cash was established with a balance of $200. At the end of the month, the petty cash box had the following receipts and cash: \begin{tabular}{l|r|} \hline Cash float & 27.5 \\ \hline postage & 64 \\ \hline Transportation -in & 19 \\ \hline Supplies expense & 36.5 \\ \hline Withdraw by owner & 53 \\ \hline \end{tabular} Prepare the following journal entries, assuming they use a perpetual system: 1. establish the petty cash fund 2. If this was not recorded would net income be over or understated

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