Bill Jovi is reviewing the cash accounting for Whispering, Inc., a local mailing service. Jovi's review will focus on the petty cash account and the bank reconciliation for the month ended May 31, 2025. He has collected the following information from Whispering's bookkeeper for this task. Petty Cash 1. The petty cash fund was established on May 10, 2025, in the amount of $277.50. 2. Expenditures from the fund by the custodian as of May 31, 2025, were evidenced by approved receipts for the following. Postage expense Mailing labels and other supplies LO.U. from employees Shipping charges (to customer) Newspaper advertising Miscellaneous expense $36.63 72.15 33.30 63.77 25.31 17.04 On May 31, 2025, the petty cash fund was replenished and increased to $333.00; currency and coin in the fund at that time totaled $29.30.

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial…