Which of the Following Entries Records the Withdrawal of Cash

question 138

Multiple Choice

Which of the following entries records the withdrawal of cash by Sally Anderson, owner of a proprietorship, for personal use?

• A) debit Sally Anderson, Capital; credit Cash
• B) debit Sally Anderson, Drawing; credit Cash
• C) debit Salaries Expense; credit Cash
• D) debit Salaries Expense; credit Salaries Payable

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Definitions:

Tax Revenues

The income that is received by the government from taxpayers, including individuals and businesses, to fund public expenditures.

Deadweight Loss

The loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is not achievable.

Marginal Tax Rate

The rate at which your last dollar of income is taxed, indicating the percentage of tax applied to your income for each tax bracket in which you qualify.

Income Security

Government programs designed to protect individuals from economic hardships and ensure a minimum level of income.