1). Prepare the journal entry to establish fund on January 1 2). Prepare the summary of petty cash payments and record the entry to reimburse the fund on January 8 3). If the January 8 entry to reimburse the fund were not recorded and financial statements were prepared for the month of January, would profit be over or underrated?

Cameron Co. established a $158 petty cash fund on January 1,2023 . One week later, on January 8 , the fund contained $30.77 in cash and receipts for these expenditures: postage, $44.24; transportation-in, $28.44; store supplies, $34.51; and a withdrawal of $20.04 by Jim Cameron, the owner. Cameron uses the perpetual method to account for merchandise inventory. a. Prepare the journal entry to establish the fund on January 1. Inurnal entry worksheet