The Journal Entry to Record a Withdrawal by the Owner

question 108

Multiple Choice

The journal entry to record a withdrawal by the owner would most commonly include:

• A) a debit to Wage Expense and a credit to Cash.
• B) a debit to Capital and a credit to Cash.
• C) a debit to Withdrawals and a credit to Cash.
• D) a debit to Cash and a credit to Wage Expense.

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Definitions:

Referendum

A direct vote by the electorate on a specific proposal or issue, bypassing the legislative body.

Congressional Election

The process by which members are elected to the United States Congress, consisting of the Senate and the House of Representatives.

Elected Official

An individual who has been chosen by voters to hold a public office through a democratic electoral process.

Direct Democracy

Direct democracy is a form of government in which citizens directly participate in the decision-making processes, rather than through elected representatives, often through referendums and initiatives.