J Smith Withdrew $100 from Jay's Limo Services for Personal $\begin{array}{|l|r|r|}\hline \text { J. Smith, Capital } & 100 & \\\hline \text { J. Smith, Withdrawals } & & 100 \\\hline\end{array}$

question 165

Short Answer

J. Smith withdrew $100 from Jay's Limo Services for personal use. Which of the following general journal entries will Jay's Limo Services make to record this transaction?
A)
$\begin{array}{|l|r|r|}\hline \text { J. Smith, Capital } & 100 & \\\hline \text { J. Smith, Withdrawals } & & 100 \\\hline\end{array}$
B)
$\begin{array}{|l|r|r|}\hline \text { J. Smith, Withdrawals } & 100 & \\\hline \text { J. Smith, Capital } & & 100 \\\hline\end{array}$
C)
$\begin{array}{|l|r|r|}\hline \text { Cash } & 100 & \\\hline \text { J. Smith, Withdrawals } & & 100 \\\hline\end{array}$
D)
$\begin{array}{|l|r|r|}\hline \text { Cash } & 100 & \\\hline \text { J. Smith, Capital } & & 100 \\\hline\end{array}$
$$\begin{array}{l}\text { E) }\\\begin{array} { | l | r | r | } \hline \text { J. Smith, Withdrawals } & 100 & \\\hline \text { Cash } & & 100 \\\hline\end{array}\end{array}$$

• A)
• \(\begin{array}{|l|r|r|}
• \hline \text { J. Smith, Capital } & 100 & \\
• \hline \text { J. Smith, Withdrawals } & & 100 \\
• \hline
• \end{array}\)
• B)
• \(\begin{array}{|l|r|r|}
• \hline \text { J. Smith, Withdrawals } & 100 & \\
• \hline \text { J. Smith, Capital } & & 100 \\
• \hline
• \end{array}\)
• C)
• \(\begin{array}{|l|r|r|}
• \hline \text { Cash } & 100 & \\
• \hline \text { J. Smith, Withdrawals } & & 100 \\
• \hline
• \end{array}\)
• D)
• \(\begin{array}{|l|r|r|}
• \hline \text { Cash } & 100 & \\
• \hline \text { J. Smith, Capital } & & 100 \\
• \hline
• \end{array}\)
• \[\begin{array}{l}
• \text { E) }\\
• \begin{array} { | l | r | r | }
• \hline \text { J. Smith, Withdrawals } & 100 & \\
• \hline \text { Cash } & & 100 \\
• \hline
• \end{array}
• \end{array}\]

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Definitions:

Philosophy

The study of the fundamental nature of knowledge, reality, and existence, especially considered as an academic discipline.

Happiness

A state of well-being and contentment, characterized by positive emotions and feelings of joy and satisfaction with one’s life.

Pleasure

Pleasure is a state of satisfaction or joy, often experienced as a result of fulfilling desires or engaging in enjoyable activities.

Psychological Egoism

The theory that suggests human beings are motivated solely by self-interest, even in what seem to be acts of altruism.