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.
C
Business
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_____ permit a specific quantity of imported goods to enter the country under a reduced rate while those exceeding the quantity are charged at a higher rate.
Fill in the blank(s) with the appropriate word(s).
Business
An exemption affects a person's tax situation by
A) increasing the standard deduction. B) increasing the taxpayer's marginal tax rate. C) decreasing itemized deductions. D) reducing the taxpayer's taxable income. E) increasing tax-exempt income.
Business