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:
Verified
Correct Answer:
Verified
Q131: Which of the following is not a
Q132: For a business,Cash generally includes currency,customers' checks,and
Q133: Are outstanding checks an adjustment to the
Q134: Use the following to answer questions <br>Indicate
Q135: Use the following to answer questions<br>Indicate how
Q137: While performing the monthly bank reconciliation,the bookkeeper
Q138: Explain the meaning of "internal control" and
Q139: Indicate whether each of the following statements
Q140: Even a good system of internal controls
Q141: Indicate whether each of the following statements