Stephanie Jo Company established a petty cash fund of $300 on May 1. At the end of the month, the petty cash fund has $42 in cash; receipts for postage, $39; entertainment, $146; and office supplies, $70.Prepare the needed journal entries, recording any discrepancy in the cash short and over account.? $$\begin{array}{l}\text{ Journal }\\ \begin{array}{ccccc}\text{ Date }& \text{ Description }& \begin{array}{c}\text{ Post. }\\ \text{ Ref. }\end{array}& \text{ Debit }& \text{ Credit }\\ & & & & \\ & & & & \\ & & & & \\ & & & & \\ & & & & \\ & & & & \\ & & & & \end{array}\end{array}$$

Petty Cash Fund

A small amount of cash kept on hand for making immediate, minor expenditures.

Journal Entries

The recordation of financial transactions in a company's accounting system, typically involving a debit and credit entry.

Discrepancy

An inconsistency or difference that arises in the course of comparing two sets of figures or facts, often leading to questions that require resolution.