Chen Company established a $500 petty cash fund on January 1, Year 1. Required a. Is the establishment of the petty cash fund an asset source, use, or exchange transaction? o. Show 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 journal format. Complete this question by entering your answers in the tabs below. Required A Required B Required C Show the establishment of the petty cash fund in a horizontal statements model like the following one: (In the Cash Flow column, use the initials OA to designate operat activity, IA for investing activity, FA for financing activity, and NA for not affected. Enter any decreases to account balances with a minus sign.) CHEN COMPANY Statements Model Cash Flow Stockholders" Liabilities Revenue Expense Net Income %3D Assets Equity Cash Petty Cash < Required A Required C
Chen Company established a $500 petty cash fund on January 1, Year 1. Required a. Is the establishment of the petty cash fund an asset source, use, or exchange transaction? o. Show 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 journal format. Complete this question by entering your answers in the tabs below. Required A Required B Required C Show the establishment of the petty cash fund in a horizontal statements model like the following one: (In the Cash Flow column, use the initials OA to designate operat activity, IA for investing activity, FA for financing activity, and NA for not affected. Enter any decreases to account balances with a minus sign.) CHEN COMPANY Statements Model Cash Flow Stockholders" Liabilities Revenue Expense Net Income %3D Assets Equity Cash Petty Cash < Required A Required C
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter5: Cash Control Systems
Section5.4: Petty Cash
Problem 1OYO
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