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

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 is the effect of the May 1 disbursement on the financial statements?

A) Delivery expense increases and cash decreases by $355
B) Petty cash increases and cash decreases by $355
C) Delivery expense increases and petty cash decreases by $355
D) The disbursement has no effect on the financial statements