Mary Martin, the Owner of Martin Consulting, Withdrew $2,000 Cash $$\begin{array} { | l | r | r | } \hline \text { M. Martin, Capital } & 2,000 & \\\hline \text { Cash } & & 2,000 \\\hline\end{array}$$

question 200

Multiple Choice

Mary Martin, the owner of Martin Consulting, withdrew $2,000 cash from the company for personal use. Identify the general journal entry below that Martin Consulting will make to record the transaction.

• A) \[\begin{array} { | l | r | r | }
• \hline \text { M. Martin, Capital } & 2,000 & \\
• \hline \text { Cash } & & 2,000 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | l | r | r | }
• \hline \text { M. Martin, Withdrawals } & 2,000 & \\
• \hline \text { M. Martin, Capital } & & 2,000 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | l | r | r | }
• \hline \text { Cash } & 2,000 & \\
• \hline \text { M. Martin, Withdrawals } & & 2,000 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | l | r | r | }
• \hline \text { Cash } & 2,000 & \\
• \hline \text { M. Martin, Capital } & & 2,000 \\
• \hline
• \end{array}\]
• E) \[\begin{array} { | l | r | r | }
• \hline \text { M. Martin, Withdrawals } & 2,000 & \\
• \hline \text { Cash } & & 2,000 \\
• \hline
• \end{array}\]

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Definitions:

Closing Entry

A journal entry made at the end of an accounting period to transfer the balance from temporary accounts to permanent ones, prepping the books for the next period.

Withdrawn

Refers to the act of removing funds from an account or canceling a financial transaction or operation.

Salaries

Regular payments made to employees for their service during a set period, not depending on hours worked.

Partnership

A legitimate business setup where two or more individuals collaborate in managing the business and dividing its profits.