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Homework answers / question archive / Which entry records the owner's taking cash for personal use?  A

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

Accounting

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 
 

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Answer

D.

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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