Cameron Co$.$ established a $$170$ petty cash fund on January $1,2023.$ One week later, on January $8,$ the fund contained $$33\mathrm{.}05$ in cash and receipts for these expenditures: postage, $$47\mathrm{.}60,$ transportation$-$in$,$ $$30\mathrm{.}60,$ store supplies, $$3715,$ and a withdrawal of $$21\mathrm{.}60$ 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 $1.$

$0236\mathrm{.}36$

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Journal entry worksheet

Record the entry of establish the funds

$($b$)$ prepare a summary of the petty cash payments and record the entry to reimburse the fund on januarJanuary $8$

$($c$)$ If ththe januarJanuary $8$ entry to reimburse the fund were not recorded and financial statements were prepared for the month of januarwould profit be over or understated?