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Question 45

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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: 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.
-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.

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