Use the Following Information Regarding Larson Company to Answer the Question

question 80

Multiple Choice

Use the following information regarding Larson Company to answer the question below.
1) Established a petty cash fund in the amount of $250.
2) Reimbursed the petty cash fund given the following petty cash fund disbursements:
A.Payment for postage,$20.
B.Payment for supplies,$70.
3) Increased the petty cash fund to $300.
4) Cash over at the end of the first period was $5.
The entry to record the reimbursement of the petty cash fund would include a

• A)credit to Postage Expense for $20.
• B)debit to Petty Cash for $90.
• C)credit to Cash for $85.
• D)debit to cash for $5.

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Definitions:

Domestic Industries

Industries that produce goods and services within a country's borders for local consumption.

Prevent Dumping

Strategies or policies implemented to protect a country's domestic industry by limiting the importation of cheaply priced foreign goods.

Foreign Licensing

A business practice where a company allows another business in a different country to produce and sell its products under its brand.

International Production

Creating goods in multiple countries around the globe, often to minimize costs or maximize quality.