Q69
Which of the following accounts will be debited if the business's owner withdraws cash from business for personal use?
A.
Drawings
AnswerB.
Cash
C.
Business
D.
Stock
Answer: Option A
Solution
Answer: Option A
Solution:
Drawings accounts will be debited if the business's owner withdraws cash from business for personal use. Goods withdrawn for personal use by the owner of a business reduce inventory and are recorded on a drawings account.