Solved

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

Question 73

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.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents