Brief Exercise 4-35 Petty Cash With Change in Fund Balance
Canary Inc. maintains a cash fund with a balance of $1,800. During the month of September, Canary’s employees made routine using cash from the petty cash fund totaling $1,150. At the end of September, Canary replenishes the petty cash account, but it also decides to increase the fund balance to Canary classifies all petty cash transactions as miscellaneous expense.
Required:
What entry is made to record this activity?
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