A company set-up a petty cash fund with $800. The disbursements are as follows:

Office Supplies - $300

Shipping - 50

Postage - 30

Delivery Expense - $350

Answer the question below based on the above information.


Q1) To create the fund, which account should be Debited?

A) Cash at Bank

B) Supplies

C) Petty Cash

D) Postage WRONG ANSWER!


Q2)To disburse funds, which account credited?

A) Supplies WRONG ANSWER!

B) Cash at Bank

C) Petty Cash

D) Postage