Jen Rogers withdrew a total of $31,000 from her business during the current year. The entry...

Jen Rogers withdrew a total of $31,000 from her business during the current year. The entry needed to close the withdrawals account is: Multiple Choice Debit Income Summary and credit Cash for $31,000. Debit Jen Rogers, Withdrawals and credit Cash for $31,000 Debit Income Summary and credit Jen Rogers, Withdrawals for $31,000. Debit Jen Rogers, Capital and credit Jen Rogers, Withdrawals for $31,000. Debit Jen Rogers, Withdrawals and credit Jen Rogers, Capital for $31,000.

Solutions

Expert Solution

In accounting, a debit increases the asset side whereas credit increases the liability of the balance sheet. Money going out is debit whereas money coming in is credit.

Correct answer:

Debit Jen Rogers, Capital and credit Jen Rogers, Withdrawals for $31,000.

keosha answered 1 year ago

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