Dennis,owner of Dennis's Golf Center,withdrew $900 in cash from the business.Record the transaction by:

Question

Quizplus · Accepted Answer

Since Dennis withdrew cash from the business, the account that needs to be debited is Dennis, Withdrawals (as he is taking out money for personal use) and the account that needs to be credited is Cash (as the business is losing cash). Option B is incorrect as it records an increase in Accounts Receivable, which is not applicable to this transaction. Option C is incorrect as there is no specific expense that can be assigned to this transaction. Option D is incorrect as it would imply that Dennis is contributing personal funds back into the business, which is not happening here.

Dennis,owner of Dennis's Golf Center,withdrew $900 in Cash from the Business.Record