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Author Question: Which of the following entries records the withdrawal of cash by Sally Anderson, owner of a ... (Read 101 times)

corkyiscool3328

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on: Jul 5, 2018
Which of the following entries records the withdrawal of cash by Sally Anderson, owner of a proprietorship, forpersonal 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

Question 2

Land valued at 100,000 was donated to a not-for-profit organization. The donation came with no restrictions. The organization's management decided to hold the land for resale and use the proceeds to establish a reserve for future capital needs.
 
  Which of the following journal entries would be made on the date of donation?
 
   Debit Credit
  A. Land Held for Resale
   Restricted Contributions 100,000
  100,000
  B. Land Held for Resale
   Capital Contributions 100,000
  100,000
  C. Land Held for Resale
   Unrestricted Contributions 100,000
  100,000
  D. Land Held for Resale
   Temporarily Restricted Contributions 100,000
  100,000


HandsomeMarc

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Reply #1 on: Jul 5, 2018
Answer to Question 1

b

Answer to Question 2

C


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