general account this is questions The withdrawal of cash by the owner for personal use wouldinclude a:A. credit to the owner's capital accountB. credit to the owner's withdrawals accountC. debit to the cash accountD. debit to the owner's withdrawals account

The correct answer is:D. debit to the owner's withdrawals account Explanation:When the owner…

Answered: The withdrawal of cash by the owner for…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter5: Cash Control Systems

Section5.3: Dishonored Checks And Electronic Banking

Problem 2AYU

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Similar questions

What does a debit balance in the cash short and over account represent? What does a credit balance in this account represent?
Which of the following is not an example of a cash outflow? Select one: a. Purchase of inventory on credit b. pay employee wages and salaries c. cash withdrawal by the owner d. payment of income tax e. payment of accounts payable
The main purpose of factoring accounts receivable is a. To invest accounts receivable in another business b. To meet immediate cash needs c. To create an additional guarantee of collection d. To establish a legal proof for future use
The entry to replenish the petty cash fund debited Insurance Expense for postage. This would cause: A. Petty Cash to be overstated. B. Postage Expense to be overstated. C. Cash to be understated. D. Insurance Expense to be overstated.
1. As contemplated in accounting, cash includes a. Money only b. Money and any negotiable instrument c. Any negotiable instrument d. Money and any negotiable instrument that is payable in money and acceptable by the bank for deposit and immediate credit
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Why should sales to and receipts of cash from credit customers be recorded and posted immediately?
When income is to be recognized on cash basis. by Safe Trust Bank, a distinction should be made between a. Banking and Non-banking assets b. Monetary and Non-banking assets c. Current and Non-current assets d. Performing and Non-performing assets
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Which of the following tasks should the cash disbursement clerk NOT perform?a. review the supporting documents for completeness and accuracyb. prepare checksc. approve the liabilityd. mark the supporting documents paid
Journalize the entries to record the following: a. Check is issued to establish a petty cash fund of $750. b. The amount of cash in the petty cash fund is now $176. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $248; miscellaneous selling expense, $212; miscellaneous administrative expense, $96. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $750, record the discrepancy in the cash short and over account.) a. Journalize the entry to establish the petty cash fund. Petty Cash v Cash v

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The withdrawal of cash by the owner for personal use would include a: A. credit to the owner's capital account B. credit to the owner's withdrawals account C. debit to the cash account D. debit to the owner's withdrawals account