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:

Stock Value

The financial worth of a company's shares, determined by market conditions, company performance, and investor demand.

Preferred Stock

A type of stock that gives its holders preference over common stockholders in terms of dividend payments and asset distribution upon liquidation.

Voting Rights

The entitlements of shareholders to vote on corporate matters, often exercised at shareholders' meetings.

Present Dividend

The dividend payment declared by a company's board of directors to be distributed in the current period to shareholders.