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

Question 58

Multiple Choice

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


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

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