Dina Kader withdrew a total of $35,000 from her business during the current year. The entry needed to close the withdrawals account is: Group of answer choices Debit Dina Kader, Capital and credit Dina Kader, Withdrawals for $35,000. Debit Dina Kader, Withdrawals and credit Cash for $35,000. Debit Income Summary and credit Dina Kader, Withdrawals for $35,000. Debit Income Summary and credit Cash for $35,000.

Dina Kader withdrew a total of $35,000 from her business during the current year. The entry needed to close the withdrawals account is: Group of answer choices Debit Dina Kader, Capital and credit Dina Kader, Withdrawals for $35,000. Debit Dina Kader, Withdrawals and credit Cash for $35,000. Debit Income Summary and credit Dina Kader, Withdrawals for $35,000. Debit Income Summary and credit Cash for $35,000.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 33P

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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

Dina Kader withdrew a total of $35,000 from her business during the current year. The entry needed to close the withdrawals account is:

Group of answer choices

Debit Dina Kader, Capital and credit Dina Kader, Withdrawals for $35,000.

Debit Dina Kader, Withdrawals and credit Cash for $35,000.

Debit Income Summary and credit Dina Kader, Withdrawals for $35,000.

Debit Income Summary and credit Cash for $35,000.

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