Question

What would be the effect on accounts if the owner withdrew cash?
A. An asset would be debited, and an expense would be credited.
B. Withdrawals would be debited, and an asset would be credited.
C. An asset would be debited, and a revenue would be credited.
D. An asset would be debited, and Capital would be credited.

Answer 1

The correct answer to the question is letter B. Withdrawals would be debited, and asset would be credited.