Smithville Timber Company established a $180 petty cash fund on January 1, 2013.
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:
![1862_264-B-C-A-I-C-C (1094).png](https://secure.tutorsglobe.com/CMSImages/1862_264-B-C-A-I-C-C (1094).png)
c. Record the establishment of the fund in general journal format.