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7 September, 15:40

The owner, Marcus James, withdrew $3,000 from the business for personal use. What is the journal entry the company should record?

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Answers (1)
  1. 7 September, 18:21
    0
    Debit Credit

    Drawing Marcus James 3,000

    Cash 3,000

    Explanation:

    In this question cash is being withdrawn from the business so we know that the cash of the business would decrease so we will have to credit cash by $3000. Because the owner is withdrawing the cash a drawing entry will be made and 3000 will be debited.
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