Cash Is Used to Pay for a Car for Personal

question 72

Multiple Choice

Cash is used to pay for a car for personal use by the owner.The transaction includes

• A) debiting Cash and crediting Drawing.
• B) debiting Drawing and crediting Cash.
• C) debiting Capital and crediting Cash.
• D) debiting Car Expense and crediting Cash.

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Definitions:

After Reaching Majority

A legal status attained when an individual has reached the age of majority, which is considered the threshold of adulthood and conveys full legal rights and responsibilities.

Mind-Altering Drug

A substance that changes mental processes such as cognition, mood, or consciousness.

Disaffirm Contract

The legal act of renouncing or rejecting a contract, releasing the parties from their obligations under that contract.

Disaffirm

The legal act of renouncing or voiding a contract or agreement, especially used in relation to contracts made by minors.