Solved: Record the establishment of the petty cash fund in a, Cost Accounting

Record the establishment of the petty cash fund in a

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

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

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Cost Accounting: Record the establishment of the petty cash fund in a

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Cost Accounting: Record the establishment of the petty cash fund in a

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