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Not sure how to do this or if im on the right track can anyone help? Cameron Co. established a $166 petty cash fund on
Not sure how to do this or if im on the right track can anyone help?
Cameron Co. established a $166 petty cash fund on January 1, 2020. One week later, on January 8, the fund contained $32.29 in cash and receipts for these expenditures: postage, $46.48; transportation-in, $29.88; store supplies, $36.27; and a withdrawal of $21.08 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. View transaction list View journal entry worksheet Debit Credit No 1 Date January 01, 2020 General Journal Postage expense Store supplies expense Jim Cameron, withdrawals Transportation-in Cash 30 b. Prepare a summary of the petty cash payments and record the entry to reimburse the fund on January 8. (Round your answers to 2 decimal places.) CAMERON CO. Petty Cash Payments Report January 1-8, 2020 Receipts: Postage expense Store supplies expense Jim Cameron, withdrawals 76.00 76.00 Total receipts Fund total Equals: Cash required to replenish petty cash Cash overl(short) View transaction list Journal entry worksheet Record the entry to reimburse the fund. Note: Enter debits before credits. General Journal Debit Credit Date January 08, 2020 Record entry Clear entry View general journalStep by Step Solution
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