Multiple Choice
On April 30, 2013, Southern Company established a petty cash fund of $1,000. On May 1, 2013, a disbursement of $255 was made from the fund for payment of delivery expense. What entry should be made on May 1, 2013 to record this disbursement?
A) Debit delivery expense, $255; credit cash, $255.
B) Debit petty cash, $255; credit cash, $255.
C) Debit delivery expense, $255; credit petty cash $255.
D) No entry necessary.
Correct Answer:
Verified
Correct Answer:
Verified
Q46: What asset is generally most susceptible to
Q100: What are the three types of audit
Q116: The Marvin Company's accountant is balancing the
Q117: As of May 31, 2013, the bank
Q119: Chavez Company established a petty cash fund
Q119: One of your friends is preparing to
Q123: What term is used for a customer's
Q124: Indicate whether each of the following items
Q125: What account is used to record the
Q126: In preparing the bank reconciliation of Hearst