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On January 15, the owner of a sole proprietorship took out $2,000 for their personal use. What would the journal entry for this transaction be?
On January 15, the owner of a sole proprietorship took out $2,000 for their personal use. What would the journal entry for this transaction be? Page 1 a.) General Journal Date Account & Explanation Jan 15 Cash Owner's Withdrawals Owner took out cash for personal use. P.R. Debit Credit 2,000 2,000 Page 1 b.) General Journal Date Account & Explanation Jan 15 Wage Expense Cash Owner took out cash for personal use. P.R. Debit Credit 2,000 2,000 Page 1 c.) General Journal Date Account & Explanation Jan 15 Wage Expense Accounts Payable Owner took out cash for personal use. P.R. Debit Credit 2,000 2,000 Page 1 d.) General Journal Date Account & Explanation Jan 15 Owner's Withdrawal Cash Owner took out cash for personal use. P.R. Debit Credit 2,000 2,000
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