On May 1, Campbell Company established a petty cash fund in the amount of $400.a) Is the establishment of the fund an asset source, asset use, or asset exchange transaction?b) Record the establishment of the petty cash fund in the horizontal financial statements model, below. Indicate the dollar amounts of increases and decreases; for accounts that are not affected, indicate NA. For cash flows, show whether they are operating activities (OA), investing activities (IA), or financing activities (FA).Assets=Liab.+Stk. EquityRev.-Exp.=Net Inc.Stmt of Cash FlowsCash + Petty Cash?????????????????????
What will be an ideal response?
a) The establishment of the petty cash fund is an asset exchange transaction; cash decreases and petty cash increases and total assets do not change.
b) 
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