J. Smith withdrew $100 from Jay's Limo Services for personal use. Which of the following general journal entries will Jay's Limo Services make to record this transaction?
A.
| Cash | 100 | |
| J. Smith, Capital | 100 |
B.
| J. Smith, Withdrawals | 100 | |
| J. Smith, Capital | 100 |
C.
| J. Smith, Capital | 100 | |
| J. Smith, Withdrawals | 100 |
D.
| Cash | 100 | |
| J. Smith, Withdrawals | 100 |
E.
| J. Smith, Withdrawals | 100 | |
| Cash | 100 |
Answer: E
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