Minsky Ltd. maintains a balance of $2,500 in its petty cash fund. On December 31, Minsky's petty cash account has a balance of $216. Minsky replenishes the petty cash account to bring it back up to $2,500. Minsky classifies all petty cash transactions as miscellaneous expense. Required: What journal entry is made to record the replenishment of the petty cash fund?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Petty Cash Fund

Minsky Ltd. maintains a balance of $2,500 in its petty cash fund. On December 31, Minsky's petty cash account has a balance of $216. Minsky replenishes the petty cash account to bring it back up to $2,500. Minsky classifies all petty cash transactions as miscellaneous expense.

Required:

What journal entry is made to record the replenishment of the petty cash fund?

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