Which of the following entries records the owner taking cash for personal use?
A)Wage Expense,debit;Cash,credit
B)Capital,debit;Cash,credit
C)Withdrawals,debit;Cash,credit
D)No entry is necessary since the owner owns the cash and the entire business.

Question

Quizplus · Accepted Answer

Withdrawals account is used to record the owner taking cash for personal use. Debiting Withdrawals account will decrease the owner's equity in the business and crediting Cash account will decrease the amount of cash the business has.

Which of the Following Entries Records the Owner Taking Cash