Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 34 - No. 31)
Which of the following is the correct journal entry for a business owner withdrawing cash for personal use?
Debit Capital, Credit Cash
Debit Cash, Credit Drawings
Debit Drawings, Credit Cash
Debit Cash, Credit Capital
Explanation
Drawings increase (debit) when the owner takes cash and cash decreases (credit).
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