Which of the Following Entries Records the Withdrawal of Cash

question 96

Multiple Choice

Which of the following entries records the withdrawal of cash for personal use by Ty Knott, the owner of a business?

• A)debit Cash and credit Salary Expense
• B)debit Salary Expense and credit Cash
• C)debit Ty Knott, Drawing, and credit Cash.
• D)debit Cash and credit Ty Knott, Capital

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Definitions:

Current Knowledge

The latest information, understanding, and insights available in a particular field or on a specific subject.

Compensation

Payment or benefits provided in exchange for services rendered or as reparation for loss or suffering.

Bonuses

Additional financial compensation awarded to employees as a reward for meeting certain performance criteria or milestones.

Flexible Benefit Packages

Employment benefit plans allowing employees to choose from a range of benefit options, tailoring their compensation package to their personal needs.