Dina Kader withdrew a total of $35,000 from her business during the current year. The entry needed to close the withdrawals account is:
a. Debit Income Summary and credit Cash for $35,000.
b. Debit Dina Kader, Withdrawals and credit Cash for $35,000.
c. Debit Income Summary and credit Dina Kader, Withdrawals for $35,000.
d. Debit Dina Kader, Capital and credit Dina Kader, Withdrawals for $35,000.
e. Debit Dina Kader, Withdrawals and credit Dina Kader, Capital for $35,000.
Answer: d. Debit Dina Kader, Capital and credit Dina Kader, Withdrawals for $35,000.
You might also like to view...
A system in which employees have online access to information about HR issues and go online to enroll themselves in programs and provide feedback through surveys is termed as:
A. social facilitation B. payroll automation. C. cloud computing. D. data mining. E. self-service.
A party states during negotiations that he does not possess ultimate authority to agree to any proposal suggested, so he will need to consult that authority before he can agree
The party is acting ethically as long as he makes this statement at any point during negotiations prior to reaching final agreement. Indicate whether the statement is true or false.