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

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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

Quizplus · Accepted Answer

When establishing a petty cash fund, the journal entry should include a credit to cash for the amount of the fund. In this case, Vuitton Company issued a check for €250 to establish the petty cash fund, therefore the entry should include a credit to cash for €250.

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