multiple Choice

18. When the owner withdrew cash from the business: a. Debit Expense and Credit Cash Debit Liabilities and Credit Cash c. Debit Assets and Credit Cash Debit Owner Withdrawal and Credit Cash 19. To record equipment depreciation entry you haveto: a. Debit Depreciation Expense and Credit Accumulated Depreciation b. Debit Accumulated Depreciation and Credit Depreciation Expense c. Debit Depreciation Expense and Credit Equipment d. Debit Equipment and Credit Depreciation Expense 20. When a business collect cash in advance for services to be done in the future. a. Debit Cash and Credit Unearned Revenue b. Debit Cash and Credit Service Revenue c.Debit AR and Credit Unearned Revenue d. No Entry is needed