Emilia Feridy, the Proprietor of EF Services, Withdrew a Total

question 38

Multiple Choice

Emilia Feridy, the proprietor of EF Services, withdrew a total of $50 to pay for herdaughter's swimming lessons. What is the entry needed to record this transaction?

• A)Debit Emilia Feridy, Capital and credit Cash for $50.
• B)Debit Emilia Feridy, Withdrawals and credit Cash for $50.
• C)Debit Emilia Feridy, Capital and credit Emilia Feridy, Withdrawals for $50.
• D)Debit Cash and credit Emilia Feridy, Withdrawals for $50.
• E)Debit Emilia Feridy, Withdrawals and credit Emilia Feridy, Capital for $50.

---

Definitions:

Product Costs

Expenses directly tied to the production of goods, including materials, labor, and factory overhead.

Process Cost System

An accounting methodology used to allocate costs to units of production in continuous or repetitive operations.

Lumber Mill

A facility where logs are cut into lumber.

Custom Home Builder

A custom home builder constructs unique houses designed to meet the specific desires and requirements of the client.