Use the Following Information to Answer Questions $€250$ To Antoinette Mercier, the Custodian of the Petty Cash Fund

question 67

Multiple Choice

Use the following information to answer questions . On May 1, 2011, Vuitton Company established a petty cash fund by issuing a check for $€250$ to Antoinette Mercier, the custodian of the petty cash fund. On May 31, 2011 , Mercier submitted the following paid petty cash vouchers for replenishment of the petty cash fund when there is $€ 10$ cash in the fund: $$\begin{array} { l r } \text { Freight-in } & € 83 \\\text { Office Supplies Expense } & 65 \\\text { Entertainment of clients } & 62 \\\text { Postage Expense } & 25\end{array}$$
- $\text { The journal entry to replenish the account would include a }$

• A) debit to Cash Over and Short for \( € 5 \).
• B) credit to petty Cash for \( € 235 \).
• C) debit to cash for \( € 235 \).
• D) credit to cash for \( € 250 \).

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Definitions:

Straight-Line Method

A technique for calculating depreciation by uniformly distributing the cost of an asset across its lifespan.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded against a fixed asset over its useful life until a specific date.

Salvage Value

An asset’s foretold selling price at the finish of its service period.

Accumulated Depreciation

The total amount of a tangible asset's cost that has been allocated as depreciation expense over its useful life.