Austin Co. established a petty cash fund by issuing a check for $347 and appointing Steve Mack as petty cash custodian. Mack had vouchers for the following petty cash payments during the month: Stamps $ 59 Miscellaneous items 33 Employee supper money 75 Taxi fare 55 Window-washing service 90 There was $30 of currency in the petty cash box at the time it was replenished.
Required
a. Prepare all general journal entries necessary to (1) establish the fund, (2) reimburse employees, (3) recognize the expenses and replenish the fund. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
b. Identify the event depicted in each journal entry recorded in Requirement a as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). (Select "NE" if there is no effect.)