Question: Chen Company established a 200 petty cash fund on January

Chen Company established a $200 petty cash fund on January 1, 2016.
Required
a. Is the establishment of the petty cash fund an asset source, use, or exchange transaction?
b. Record the establishment of the petty cash fund in a horizontal statements model like the following one:
c. Record the establishment of the fund in general journal format.

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  • CreatedApril 20, 2015
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