nancial 1 - Word Search erences Mailings Review View Help I 18) Dennis, owner of Dennis' Golf Center, withdrew $700 in cash from the business. Record the transaction by A) debiting Dennis, Withdrawals, $ 700; crediting Cash, $700. B) debiting Accounts Receivable, $700; crediting Cash, $700. C) debiting Expense, $700; crediting Cash, $700. D) debiting Dennis, Withdrawals, $700; crediting Dennis, Capital, $700. 19) What would be the effect on accounts if the owner withdrew cash? A) An asset would be debited and an expense credited. B) Withdrawals would be debited and an asset credited. C) An asset would be debited and a revenue credited. D) An asset would be debited and Capital credited. 20) What would be the effect on accounts if the business purchased office supplies for cash? A) An asset would be debited and an expense credited. B) Capital would be debited and revenue credited. C) An asset would be debited and revenue credited. D) An asset would be debited and an asset credited. 21) The first step in analyzing a transaction is A) to decide if the accounts are increasing or decreasing. B) to decide to which categories the accounts belong. C) to decide where the amounts belong. D) to decide which accounts are affected. 22) The normal balance of an account is A) debit B) credit. C) the side that decreases. D) the side that increases 23) Equipment is an example of a liability