Lance Gomez Is the Owner of a Sole Proprietorship

question 188

Multiple Choice

Lance Gomez is the owner of a sole proprietorship.Lance withdrew $5,000 cash from the business for personal use.Which of the following accounts is credited?

• A) Gomez, Capital
• B) Gomez, Withdrawals
• C) Cash
• D) Accounts Payable

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Definitions:

Supply Chain

The interconnected system comprising people, entities, resources, processes, and technology that participates in producing and distributing a product, from sourcing raw materials to manufacturing and ultimately delivering to the consumer.

Strategic Decisions

High-level choices that determine the overall direction of an organization, influencing its long-term performance and success.

Zara

A global fashion retailer known for its fast-fashion business model, achieving rapid inventory turnover and quick adaptation to changing fashion trends through integrated design, production, and distribution processes.

Supply Chain Strategy

A plan for managing all the resources involved in sourcing, producing, and delivering products and services to customers.