help in homework

New User?

Fill This Form To Receive Instant Help

Help in Homework
trustpilot ratings
google ratings


Homework answers / question archive / The journal entry to record a withdrawal by the owner would most commonly include: a

The journal entry to record a withdrawal by the owner would most commonly include: a

Accounting

The journal entry to record a withdrawal by the owner would most commonly include:

a. a debit to Wage Expense and a credit to Cash.

b. a debit to Capital and a credit to Cash.

c. a debit to Withdrawals and a credit to Cash.

d. a debit to Cash and a credit to Wage Expense.

pur-new-sol

Purchase A New Answer

Custom new solution created by our subject matter experts

GET A QUOTE

Answer Preview

The answer is b. a debit to Capital and a credit to Cash.

  • This is because the Capital account is lowered by the funds withdrawn and the cash account is lowered since the company has less cash since it distributed a portion to the owner.

Sitejabber (5.0)

BBC (5.0)

Trustpilot (4.9)

Google (5.0)

Related Questions