The owner of Barnes Company established a petty cash fund am…
The owner of Barnes Company established a petty cash fund amounting to $400. What is the effect on the financial statements of recording this transaction? Balance SheetIncome StatementStatement of Cash FlowsAssets=Liabilities+Stockholders’ EquityRevenue−Expense=Net IncomeA. = + − = (400) OAB.(400)= +(400) −400=(400)(400) OAC. = + − = D.(400)=(400)+ − = (400) OA