Use the Following Information to Answer Questions

question 134

Multiple Choice

Use the following information to answer questions
On October 2, 2011, Bienvenu Manufacturing Company established a petty cash fund by issuing a check for €350 to the custodian of the petty cash fund.On October 31, 2011, The custodian submitted the following paid petty cash vouchers for replenishment of the petty cash fund when there is €15 cash in the fund:
-The journal entry to replenish the account would include

• A)debit to Cash Over and Short for €4.
• B)credit to Cash Over and Short for €4.
• C)debit to petty Cash for €339.
• D)credit to cash for €350.

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Definitions:

Retained Earnings

The portion of net income left over for the business after it has paid out dividends to its shareholders.

Retained Earnings

The portion of net earnings not paid out as dividends but retained by the company to be reinvested in its core business or to pay debt.

Dividends

Profits distributed to shareholders as a reward for their investment in the company.

Liability Subsections

Refers to the various divisions or categories within liabilities on a balance sheet, detailing different types of obligations a company holds.