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:
c. Record the establishment of the fund in general journal format.
Transcribed Image Text:
Assets - Liab. Equity Rev.Exp.Net Inc. Cash Flow Cash Petty Cash
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a Asset exchange b Mountain Timber Company Statements ...View the full answer
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Related Book For
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
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