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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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 cash
and receipts for these expenditures: postage, $50.96; transportation-in, $32.76, store supplies, $39.79, and a withdrawal of $23.16 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
Journal entry worksheet
Record the entry to establish the fund.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
January 01, 2020
Record entry
Clear entry
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd162c1e0-4fa0-4043-a5a9-005ca139010d%2Fd3b6f24a-f2ca-46f8-9039-7651000ad72b%2F7rys7q_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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, $32.76, store supplies, $39.79, and a withdrawal of $23.16 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
Journal entry worksheet
Record the entry to establish the fund.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
January 01, 2020
Record entry
Clear entry
View 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 2
decimal pleces.)
CAMERON CO.
Petty Cash Payments Report
Jamuary 1-8 2020
Receipts
0 00
Total receipts
Fund total
Equals Cash required to replenish petty cash
Cash overshort)
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 journal
Anelysis 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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd162c1e0-4fa0-4043-a5a9-005ca139010d%2Fd3b6f24a-f2ca-46f8-9039-7651000ad72b%2Fhjxgsoc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:b. Prepare a summary of the petty cash payments and record the entry to reimburse the fund on January 8. (Round your enswers to 2
decimal pleces.)
CAMERON CO.
Petty Cash Payments Report
Jamuary 1-8 2020
Receipts
0 00
Total receipts
Fund total
Equals Cash required to replenish petty cash
Cash overshort)
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 journal
Anelysis 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
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