Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

12. A business owner withdraws an amount of money from the business for personal use. What is the appropriate accounting entry for this transaction? a)

image text in transcribed
12. A business owner withdraws an amount of money from the business for personal use. What is the appropriate accounting entry for this transaction? a) b) c) d) Debit expense a/c, Credit Bank a/c Debit Drawing a/c, Credit Bank a/c Credit Drawing a/c, Debit Sales a/c Credit Sales a/c, Debit Drawing a/c (2 marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials of Accounting for Governmental and Not-for-Profit Organizations

Authors: Paul A. Copley

10th Edition

007352705X, 978-0073527055

More Books

Students also viewed these Accounting questions

Question

Aware of differences in the role of employees unions.

Answered: 1 week ago