Chen Company established a $200 petty cash fund on January 1, 2016. Required a. Is the establishment

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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:

Chen Company established a $200 petty cash fund on January

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

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Fundamental Financial Accounting Concepts

ISBN: 978-0078025907

9th edition

Authors: Thomas Edmonds, Christopher Edmonds

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Question Posted: Apr 20, 2015 07:21 AM

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Chen Company established a $200 petty cash fund on January 1, 2016. Required a. Is the establishment

Question:

Assets - Liab. Equity Rev.ExpNet Inc. Cash Flow OW Cash+Petty Cash

Step by Step Answer:

a Asset exchange b Chen Company Statements Model ...View the full answer

Fundamental Financial Accounting Concepts

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