Exercise 7-5 Petty cash fund LO4 Cameron Co. established a $200 petty cash fund on January 1, 2020. Or contained $46.85 in cash and receipts for these expenditures: postage, $= supplies, $41.55; and a withdrawal of $25.00 by Jim Cameron, the owner to account for merchandise inventory. a. Prepare the journal entry to establish the fund on January 1. b. Prepare a summary of the petty cash payments similar to Exhibit 7.3 fund on January 8. Analysis Component: If the January 8 entry to reimburse the fund ments were prepared for the month of January would profit be over