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please full calculation and explanation. Cameron Co. established...

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Accounting

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please full calculation and explanation.

Cameron Co. established a $150 petty cash fund on January 1, 2017. One week later, on Jan fund contained $29.25 in cash and receipts for these expenditures: postage, $42.00, transp $27.00; store supplies, $32.75; and a withdrawal of $19.00 by Jim Cameron, the owner. Ca perpetual method to account for merchandise inventory. later, on January 8, the transportation-in a. Prepare the journal entry to establish the fund on January. b. Prepare a summary of the petty cash payments similar to Exhibit 7.3 and record the entry to reimburse the fund on January8. Analysis Component: If the January 8 entry to reimburse the fund were not recorded and financialstate- ments were prepared for the month of January, would profit be over- or understated

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