If Tim Jones, the owner of Jones Hardware proprietorship, uses cash of the business to purchase a
Question:
If Tim Jones, the owner of Jones Hardware proprietorship, uses cash of the business to purchase a family automobile, the business should record this use of cash with an entry to
a. Debit Salary Expense and credit Cash.
b. Debit Tim Jones, Salary and credit Cash.
c. Debit Cash and credit Tim Jones, Withdrawals.
d. Debit Tim Jones, Capital and credit Cash.
e. None of the above.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 88% (9 reviews)
If Tim Jones the owner of Jones Hardware pr...View the full answer
Answered By
Marvine Ekina
Marvine Ekina
Dedicated and experienced Academic Tutor with a proven track record for helping students to improve their academic performance. Adept at evaluating students and creating learning plans based on their strengths and weaknesses. Bringing forth a devotion to education and helping others to achieve their academic and life goals.
PERSONAL INFORMATION
Address: , ,
Nationality:
Driving License:
Hobbies: reading
SKILLS
????? Problem Solving Skills
????? Predictive Modeling
????? Customer Service Skills
????? Creative Problem Solving Skills
????? Strong Analytical Skills
????? Project Management Skills
????? Multitasking Skills
????? Leadership Skills
????? Curriculum Development
????? Excellent Communication Skills
????? SAT Prep
????? Knowledge of Educational Philosophies
????? Informal and Formal Assessments
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
The owner of a hardware store in Eureka, California, is interested in determining the demographic characteristics of people who shop at his store versus those of people who shop at competing stores....
-
The owner of Jake's Hardware Supply has decided to set up a petty cash fund for small purchases. On July 1, a cheque for $500 was issued to establish the fund. On July 31, the fund had $305...
-
Rich Skywark is the owner of Skywark Hardware and Electric, a family owned business, in the College Station, Pennsylvania, area. His business consists of over-the-counter retail sales and discounted...
-
Compare two versions of the two-period depletable resource model that differ only in the treatment of marginal extraction cost. Assume that in the second version the constant marginal extraction cost...
-
Georgia Atlantic Corporation needs to decide on the locations for two new warehouses. The candidate sites are Philadelphia, Tampa, Denver, and Chicago. The following table provides the monthly...
-
Identify the major issues involved in a civil action against an independent auditor.
-
What are the main functions of good environmental management? Which environmental management tools are related to each of these functions? Are there any environmental management tools common to all...
-
You are provided with the following information for Perkins Inc. for the month ended October 31, 2014. Perkins uses a periodic method for inventory. Instructions (a) Calculate (i) ending inventory ,...
-
Question 25 (3 points) Sales (75,000 units) $750,000 Variable costs 225,000 Contribution margin 525,000 Fixed manufacturing costs 187,500 Operating income 337,500 Interest 75,000 Earnings before...
-
Your IT audit team has documented the following observations at Egencia from the IT General Control walkthrough: The applications programmer migrates the code to the system's test region. A second...
-
What is the difference between owners equity and the owners capital account?
-
a . State briefly the rules of debit and credit for increasing and decreasing each of the following types of accounts: Assets Liabilities Owners capital b . State briefly the rules of debit and...
-
Repeat the previous problem, but now assume that 85% are in favor in the population. Is the uncertainty larger or smaller than when 50% was assumed? Why?
-
How much of a down payment do you need if you plan to finance a car for 60 months and except a monthly payment of $240.00.
-
Determining Current Assets and Current Liabilities from Other Accounts Given the following normal account balances, determine the missing amounts from a balance sheet dated December 31. Given amounts...
-
Suppose that we have an empty stack S, what are the contents of the stack after performing the operations below? Method push(4) size() pop() push (6) push (8) pop() Return Value Stack Contents
-
Laure is a Major in the Army. In August of 2021, her duty station changed from Fort Leavenworth in Kansas to West Point, New York. She drove 1,270 miles and spent $2,800 to move her household items....
-
Partners A and B agree that B is to receive a $10,000 salary from their partnership and remaining profits are to be divided in a 3:2 ratio. If net income for the year is $75,000, how will the...
-
Svedin Incorporated provides the following information relating to 2013: Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
-
Time Solutions, Inc. is an employment services firm that places both temporary and permanent workers with a variety of clients. Temporary placements account for 70% of Time Solutions' revenue;...
-
You are serving on a jury. A plaintiff is suing the city for injuries sustained after a freak street sweeper accident. In the trial, doctors testified that it will be five years before the plaintiff...
-
You are looking at a one-year loan of $10,000. The interest rate is quoted as 12.5 percent plus two points. A point on a loan is 1 percent (one percentage point) of the loan amount. Quotes similar to...
-
The interest rate on a one-year loan is quoted as 9 percent plus three points (see the previous problem). What is the EAR? Is your answer affected by the loan amount?
-
The 2024 income statement of Adrian Express reports sales of $13,206,000, cost of goods sold of $7,471,500, and net income $1,510,000. Balance sheet information is provided in the following table....
-
Thermal Rising, Incorporated, makes paragliders for sale through specialty sporting goods stores. The company has a standard paraglider model, but also makes custom-designed paragliders. Management...
-
discuss the role of SWIFT as a provider of financial crime compliance solutions, including sanctions screening, anti-money laundering (AML) monitoring, and fraud detection services, and how does...
Study smarter with the SolutionInn App