please answer within 30 minutes. Cameron Co. established a $182 petty cash fund on January 1, 2020. One week later, on January 8, the fund contained $35.33 in cashand receipts for these expenditures: postage, $50.96; transportation-in, $32.76, store supplies, $39.79, and a withdrawal of $23.16 byJim 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 listJournal entry worksheetRecord the entry to establish the fund.Note: Enter debits before credits.DateGeneral JournalDebitCreditJanuary 01, 2020Record entryClear entryView general journal b. Prepare a summary of the petty cash payments and record the entry to reimburse the fund on January 8. (Round your enswers to 2decimal pleces.)CAMERON CO.Petty Cash Payments ReportJamuary 1-8 2020Receipts0 00Total receiptsFund totalEquals Cash required to replenish petty cashCash overshort)View transaction listJournal entry worksheetRecord the entry to reimburse the fund.Note: Enter debits before credits.DateGeneral JournalDebitCreditJanuary 08,2020Record entryClear entryView general journalAnelysis ComponentIf the January 8 entry to reimburse the fund were not recorded and financial statements were prepared for the month of Januarywould profit be over- or understated?O UnderstatedO Overstated

Petty Cash Fund: It is common for small businesses to keep a modest amount of money on hand (for…

Cameron Co. established a $182 petty cash fund on January 1, 2020. One week later, on January 8, the fund contained $35.33 in cash and receipts for these expenditures: postage, $50.96; transportation-in, $3276; store supplies, $3979, and a withdrawal of $23.16 by Jim Cameron, the owner. Cameron uses the perpetual method to account for merchandise inventory. e. Prepare the journal entry to establish the fund on January 1. View transaction fist Journal entry worksheet Record the entry to establish the fund.

Cameron Co. established a $182 petty cash fund on January 1, 2020. One week later, on January 8, the fund contained $35.33 in cash and receipts for these expenditures: postage, $50.96; transportation-in, $3276; store supplies, $3979, and a withdrawal of $23.16 by Jim Cameron, the owner. Cameron uses the perpetual method to account for merchandise inventory. e. Prepare the journal entry to establish the fund on January 1. View transaction fist Journal entry worksheet Record the entry to establish the fund.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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