PETTY CASH WITH CHANGE IN FUND BALANCE Basque, Inc., maintains a petty cash fund with a balance

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PETTY CASH WITH CHANGE IN FUND BALANCE Basque, Inc., maintains a petty cash fund with a balance of $500. On December 31, 2009, Basque’s petty cash account has a balance of $275. Murphy replenishes the petty cash account, as it does at the end of every month, but also decides to increase the balance to $750.

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What entry is made to record this activity?

Cornerstone Exercise

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Cornerstones Of Financial Accounting Current Trends Update

ISBN: 9781111527952

1st Edition

Authors: Jay Rich , Jeff Jones, Maryanne Mowen , Don Hansen

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