Use the Following Information to Answer Questions

question 45

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:
-The journal entry to establish the petty cash fund would include a

• A)debit to Cash for €250.
• B)debit to Cash Over and Short for €250.
• C)credit to cash for €250.
• D)credit to Accounts Payable for €250.

---

Definitions:

World Bank

An international banking entity that offers financial support and grants to economically challenged countries for the advancement of capital projects.

Lender of Last Resort

An institution, usually a country's central bank, that offers loans to banks or other eligible institutions that are experiencing financial difficulty or are considered highly risky.

Less-Developed Nations

Countries with low levels of industrialization, low living standards, and low Human Development Index (HDI) scores.

Industrially Advanced Countries

Nations that have highly developed industries and infrastructure, often exhibiting high standards of living, stable economies, and technological advancements.