$50 cash withdrawn from the bank is entered in the cash book as: The concept which assumes that the business will continue to operate in theforeseeable future is called

Answered: 50 cash withdrawn from the bank is…

Business

Accounting

50 cash withdrawn from the bank is entered in the cash book as:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

$50 cash withdrawn from the bank is entered in the cash book as:

The concept which assumes that the business will continue to operate in the
foreseeable future is called

Expert Solution

Step 1

Solution 1:

$50 cash withdrawn from the bank is entered in the cash book as:

"a debit to Drawing $50 and a credit to cash $50".

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Accounting for Cash and cash equivalents

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