Question

Basque Inc. maintains a petty cash fund with a balance of $800. On December 31, Basque’s petty cash account has a balance of $60. Basque replenishes the petty cash account, as it does at the end of every month, but also decides to increase the fund balance to $1,000. Basque classifies all petty cash transactions as miscellaneous expense.
Required:
What entry is made to record this activity?


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  • CreatedSeptember 22, 2015
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