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5. Assume that a corporation maintains a $500 petty cash fund. On October 21, 20x3, employee Dan Davis takes $40 out of the petty cash

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5. Assume that a corporation maintains a $500 petty cash fund. On October 21, 20x3, employee Dan Davis takes $40 out of the petty cash lock-box and replaces it with a petty cash ticket indicating the $40 expenditure was for postage. At the time Dan removes the $40 from the petty cash lock-box, the corporation should ... A. Debit Postage Expense for $40 B. Debit Petty Cash Expense for $40 C. Credit Cash for $40 D. Credit Petty Cash for $40 E. None of the above

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