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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