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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A:

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A: Journalize the petty cash transactions:

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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.