Exercise 7-5 Petty cash fund LO4 ameron Co. established a $200 petty cash fund on January 1, 2020. One w ntained $46.85 in cash and receipts for these expenditures: postage, $51. pplies, $41.55; and a withdrawal of $25.00 by Jim Cameron, the owner. C account for merchandise inventory. Prepare the journal entry to establish the fund on January 1. Prepare a summary of the petty cash payments similar to Exhibit 7.3 a und on January 8. TA