On April 30,2016,Midwest Company Established a Petty Cash Fund of $1,000.On

question 136

Multiple Choice

On April 30,2016,Midwest Company established a petty cash fund of $1,000.On May 1,2016,a disbursement of $355 was made from the fund for payment of delivery expense.What entry should be made on May 1,2016 to record this disbursement?

• A)Debit delivery expense,$355;credit cash,$355.
• B)Debit petty cash,$355;credit cash,$355.
• C)Debit delivery expense,$355;credit petty cash $355.
• D)No entry is necessary on May 1.

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