Smithville Timber Company established a $180 petty cash fund on January 1, 2013. Required a. Is the
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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 journalformat.
Transcribed Image Text:
Assets - Liah. Equity Rev Exp. Net Inc. Cash Flow Cash Petty Cash
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Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
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