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Cameron Co. established a $170 petty cash fund on January 1, 2023. One week later, on January 8 , the fund contained $33.05 in cash and receipts for these expenditures: postage, $4760; transportation-in, $3060; store supplies, $3715; and a withdrawal of $2160 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. b. Prepare a summary of the petty cash payments and record the entry to reimburse the fund on Jarnary 8 . RRound your answers to 2 decimal places.) Journal entry worksheet Note: Enter debits before credits. Analysis 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? Understated Overstated