Cornerstone Exercise 4-23 (Algorithmic)Petty Cash Fund Murphy, Inc., maintains a balance of $2,400 in its petty cash fund. On December 31, Murphy's petty cash account has a balance of $202. Murphy replenishes the petty cash account to bring it back up to $2,400. Murphy classifies all petty cash transactions as miscellaneous expense. What entry is made to record the replenishment of the petty cash fund?
Cornerstone Exercise 4-23 (Algorithmic)Petty Cash Fund Murphy, Inc., maintains a balance of $2,400 in its petty cash fund. On December 31, Murphy's petty cash account has a balance of $202. Murphy replenishes the petty cash account to bring it back up to $2,400. Murphy classifies all petty cash transactions as miscellaneous expense. What entry is made to record the replenishment of the petty cash fund?
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 4EB: Record the following transactions: A. Started a petty cash fund in the amount of $1,000. B....
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Cornerstone Exercise 4-23 (
Petty Cash Fund
Murphy, Inc., maintains a balance of $2,400 in its petty cash fund. On December 31, Murphy's petty cash account has a balance of $202. Murphy replenishes the petty cash account to bring it back up to $2,400. Murphy classifies all petty cash transactions as miscellaneous expense.
What entry is made to record the replenishment of the petty cash fund?
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