Chuck, the Owner of Computer Sales Co

question 23

Multiple Choice

Chuck, the owner of Computer Sales Co., paid his personal VISA bill using a company cheque. The correct entry to record the transaction is

• A) credit Cash, debit Withdrawals.
• B) credit Cash, debit Supplies Expense.
• C) credit Cash, debit Capital.
• D) credit Cash, debit Accounts Receivable.

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Definitions:

U.S. Dollar Value

The worth of a good, service, or financial security denominated in terms of the United States dollar.

Norwegian Kroners

The official currency of Norway, symbolized as NOK.

U.S. Dollars

The official currency of the United States, which is used as a standard monetary unit for various international transactions.

Foreign Trade Zone

A designated location within a country where goods can be imported, stored, and processed without being subject to import duties until they enter the domestic market.