Question
If Tim Jones, the owner of Jones Hardware proprietorship, uses cash of the business to purchase a family automobile, the business should record this use
If Tim Jones, the owner of Jones Hardware proprietorship, uses cash of the business to purchase a family automobile, the business should record this use of cash with an entry to:
a) Debit Liability and credit Cash.
b) Debit Cash and credit Drawings.
c) Debit Salary Expense and credit Cash.
d) Debit drawings and credit Cash.
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Financial Accounting For Decision Makers
Authors: Peter Atrill, Eddie McLaney
7th Edition
027378563X, 9780273785637
