This exercise continues the Sherman Lawn Service situation from Exercise 6-42 of Chapter...

This exercise continues the Sherman Lawn Service situation from Exercise 6-42 of Chapter 6. During October, Sherman Lawn Service decided that it needed a petty cash fund. Sherman starred the fund by cashing a check from her business bank account for $150. At the end of October, Sherman had $73 in the petty cash fund. She also had three receipts, as shown below:

a. Receipt for $48 from the lawn supply store for Lawn Supplies

b. Receipt for $10 from the gas station for fuel

c. Receipt for $15 for lunch with a potential client

Requirements

1. Journalize the entry to establish the Petty cash fund.

2. Journalize any entries to replenish the fund at the end of October. Add any new accounts to the chart for Sherman that may be necessary.