Question

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

Answer 1

Debit Credit

Drawing Marcus James 3,000

Cash 3,000

Step-by-step 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In this question cash is being withdrawn from the business so we know that the cash of the business would decrease so we will have to credit cash by $3000.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.