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Author Question: The bank reconciliation for Jhumpa Co shows a 100 personal withdrawal by L. Jhumpa, the owner, using ... (Read 35 times)

RYAN BANYAN

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on: Jul 6, 2018
The bank reconciliation for Jhumpa Co shows a 100 personal withdrawal by L. Jhumpa, the owner, using an ATM, that was not recorded. The journal entry to record this item would involve a
 a. debit to Wages Expense.
   b. debit to L. Jhumpa, Drawing.
   c. debit to Cash.
   d. none of the answers listed.

Question 2

Which equation represents an income statement?
 
  a. Assets = liabilities + stockholders' equity.
  b. Cash in  cash out = net income.
  c. Revenues - expenses = net income.
  d. Beginning retained earnings + revenues  expenses = ending retained earnings.


courtney_bruh

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Reply #1 on: Jul 6, 2018
Answer to Question 1

b

Answer to Question 2

c


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