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Record the establishment of the petty cash fund

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Reference no: EM13930236

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. 

Reference no: EM13930236

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