Mountain Timber Company established a $180 petty cash fund on January 1, 2016. Required a. Is the

Question:

Mountain Timber Company established a $180 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:

Mountain Timber Company established a $180 petty cash fund on

c. Record the establishment of the fund in general journal format.

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Related Book For  book-img-for-question

Fundamental Financial Accounting Concepts

ISBN: 978-0078025907

9th edition

Authors: Thomas Edmonds, Christopher Edmonds

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