Petty cash fund

Exercise 7-5 Petty cash fund L04 Cameron Co. established a $154 petty cash fund on January 1, 2020. One week later, on January 8, the fund contained $30.01 in cash and receipts for these expenditures: postage, $43.12; transportation-in, $27.72; store supplies, $33.53; and a witl'ldrawal of $19.52 by Jim Cameron. the owner. Cameron uses the perpetual method to account for merchandise inventory. 3. Prepare the journal entry to establish the fund on January 1. VIEW transaction \"St Journal entry worksheet Record the entry to establish the fund. Note: Enter debits before credits. 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: Total receipts Fund total Equals: Cash required to replenish petty cash Cash over/(short)View transaction list Journal entry worksheet > Record the entry to reimburse the fund. Note: Enter debits before credits. Date General Journal Debit Credit January 08, 2020 Record entry Clear entry View general journalAnalysis Component: 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 understated? O Understated O Overstated