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) No entry is necessary since the owner owns the cash and the entire business.
D) Withdrawals, debit; Cash, credit.

Question

Quizplus · Accepted Answer

The entry that records the owner taking cash for personal use is Withdrawals, debit; Cash, credit. This entry will decrease the owner's equity and decrease the amount of cash in the business.

Which of the Following Entries Records the Owner Taking Cash