Jen Rogers withdrew a total of $29,000 from her business during the current year. The entry needed to close the withdrawals account is: Multiple Choice Debit Jen Rogers, Withdrawals and credit Jen Rogers, Capital for $29,000. Debit Jen Rogers, Capital and credit Jen Rogers, Withdrawals for $29,000. Debit Income Summary and credit Jen Rogers, Withdrawals for $29,000. Debit Income Summary and credit Cash for $29,000. Debit Jen Rogers, Withdrawals and credit Cash for $29,000

Jen Rogers withdrew a total of $29,000 from her business during the current year. The entry needed to close the withdrawals account is: Multiple Choice Debit Jen Rogers, Withdrawals and credit Jen Rogers, Capital for $29,000. Debit Jen Rogers, Capital and credit Jen Rogers, Withdrawals for $29,000. Debit Income Summary and credit Jen Rogers, Withdrawals for $29,000. Debit Income Summary and credit Cash for $29,000. Debit Jen Rogers, Withdrawals and credit Cash for $29,000

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 79P

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Concept explainers

Bad Debts

At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.

Accounts Receivable

The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.

Question

Jen Rogers withdrew a total of $29,000 from her business during the current year. The entry needed to close the withdrawals account is:
Multiple Choice
O
O
Debit Jen Rogers, Withdrawals and credit Jen Rogers, Capital for $29,000.
Debit Jen Rogers, Capital and credit Jen Rogers, Withdrawals for $29,000.
Debit Income Summary and credit Jen Rogers, Withdrawals for $29,000.
Debit Income Summary and credit Cash for $29,000.
Debit Jen Rogers, Withdrawals and credit Cash for $29,000

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