Mary Martin, the owner of Martin Consulting, withdrew $2,000 cash from the company for personal use. Identify the general journal entry below that Martin Consulting will make to record the transaction.
A) $$\begin{array} { | l | r | r | }
\hline \text { M. Martin, Capital } & 2,000 & \
\hline \text { Cash } & & 2,000 \
\hline
\end{array}$$
B) $$\begin{array} { | l | r | r | }
\hline \text { M. Martin, Withdrawals } & 2,000 & \
\hline \text { M. Martin, Capital } & & 2,000 \
\hline
\end{array}$$
C) $$\begin{array} { | l | r | r | }
\hline \text { Cash } & 2,000 & \
\hline \text { M. Martin, Withdrawals } & & 2,000 \
\hline
\end{array}$$
D) $$\begin{array} { | l | r | r | }
\hline \text { Cash } & 2,000 & \
\hline \text { M. Martin, Capital } & & 2,000 \
\hline
\end{array}$$
E) $$\begin{array} { | l | r | r | }
\hline \text { M. Martin, Withdrawals } & 2,000 & \
\hline \text { Cash } & & 2,000 \
\hline
\end{array}$$

Question

Mary Martin, the owner of Martin Consulting, withdrew $2,000 cash from the company for personal use. Identify the general journal entry below that Martin Consulting will make to record the transaction.
A) $$\begin{array} { | l | r | r | } 
\hline \text { M. Martin, Capital } & 2,000 & \
\hline \text { Cash } & & 2,000 \
\hline
\end{array}$$
B) $$\begin{array} { | l | r | r | } 
\hline \text { M. Martin, Withdrawals } & 2,000 & \
\hline \text { M. Martin, Capital } & & 2,000 \
\hline
\end{array}$$
C) $$\begin{array} { | l | r | r | } 
\hline \text { Cash } & 2,000 & \
\hline \text { M. Martin, Withdrawals } & & 2,000 \
\hline
\end{array}$$
D) $$\begin{array} { | l | r | r | } 
\hline \text { Cash } & 2,000 & \
\hline \text { M. Martin, Capital } & & 2,000 \
\hline
\end{array}$$
E) $$\begin{array} { | l | r | r | } 
\hline \text { M. Martin, Withdrawals } & 2,000 & \
\hline \text { Cash } & & 2,000 \
\hline
\end{array}$$

Quizplus · Accepted Answer

The correct entry for a withdrawal of cash by the owner for personal use is to debit the "M. Martin, Withdrawals" account and credit the "Cash" account. This reflects a decrease in cash and an increase in owner's withdrawals.

Mary Martin, the Owner of Martin Consulting, Withdrew $2,000 Cash M. Martin, Capital 2,000 Cash 2,000\begin{array} { | l | r | r | } \hline \text { M. Martin, Capital } & 2,000 & \\\hline \text { Cash } & & 2,000 \\\hline\end{array} M. Martin, Capital Cash ​2,000​2,000​​

Mary Martin, the Owner of Martin Consulting, Withdrew $2,000 Cash $\begin{array} { | l | r | r | } \hline \text { M. Martin, Capital } & 2,000 & \\\hline \text { Cash } & & 2,000 \\\hline\end{array}$