Indicate the account being debited:
Martha Russo withdrew $250 cash for personal use.
A.)Cash in Bank
B.)M. Russo, Capital
C.)M. Russo, Withdrawals
D.)Accounts Receivable-M.Russo

The drawing account is a contra account entry used to record and track the money withdrawn by owners for personal use. Drawing reduces the amount of cash( asset) available to the business.

Because cash -asset is reducing by 500, we credit cash by $500 and debit the drawing contra entry account by 500. M. Russo, Withdrawals is the debit account.

Answer Link

Indicate the account being debited: Martha Russo withdrew $250 cash for personal use. A.)Cash in Bank B.)M. Russo, Capital C.)M. Russo, Withdrawals D.)Accounts Receivable-M.Russo

Respuesta :

Otras preguntas

Indicate the account being debited:
Martha Russo withdrew $250 cash for personal use.
A.)Cash in Bank
B.)M. Russo, Capital
C.)M. Russo, Withdrawals
D.)Accounts Receivable-M.Russo