Basque Ltd. 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 journal entry is made to record this activity? For those boxes in which no entry is required

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A: Solution: (1). Date Particulars Debit Credit July 1  Petty Cash 200           Cash   200

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A: Please find the answers to the above questions below:

Q: a.  Journalize the entry to establish the petty cash fund. If an amount box does not require an…

A: Petty cash book:- Petty Cash book is the book that records all the day to day petty cash (small and…

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A: Petty cash fund is a small amount of cash that a business keeps aside to pay for minor, everyday…

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A: Journal entries are made to record the transactions as the first process in the books of accounts…

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A: The petty cash balance is maintained for day to day cash transactions of the business.

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A: Petty Cash means A small amount of money kept in an office to pay for small items.

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A: Ans. Journal entry to record expenses made from petty cash funds can be passed either by making a…

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Q: petty cash fund

A: Petty cash fund means the fund created out of cash designated to meet the daily needs of business.

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A: Petty cash fund is a fund which is setup for small petty cash expenses of the business

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A: Journal entry is a primary entry that records the financial transactions initially.

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.