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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Question Posted: Apr 20, 2015 07:22 AM

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

Question:

Assets - Liab. Equity Rev.Exp.Net Inc. Cash Flow Cash Petty Cash

Step by Step Answer:

a Asset exchange b Mountain Timber Company Statements ...View the full answer

Fundamental Financial Accounting Concepts

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