Which entry records the owner's taking cash for personal use? A

Accounting Jun 22, 2021

Which entry records the owner's taking cash for personal use?
A. Debit Wage Expense; credit Cash B. Debit Capital; credit Cash C. No entry is necessary because the owner owns the cash and the entire business. D. Debit Withdrawals; credit Cash

Expert Solution

Answer

Explanation

The correct option is D "Debit Withdrawals, Credit Cash".

Journal Entry:
Account Titles and Explanation	Debit	Credit
Withdrawals	XXXX
Cash		XXXX
(Entry to records owner's taking cash for personal use)

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