Read each of the following transactions. Determine the accounts to be debited and credited. A) Issued a check for $750 to Adriana Taylor, the owner, as a cash withdrawal for personal use.B) Issued a check for $50 to establish a petty cash fund.C) Issued a check for $50 to replenish the petty cash fund. An analysis of the payments from the fund showed the following totals: Equipment, $225; Telephone Expense, $20; Miscellaneous Expense, $50.
What will be an ideal response?
A) Debit Adriana Taylor, Drawing; credit Cash
B) Debit Petty Cash Fund; credit Cash
C) Debit Equipment, Telephone Expense, and Miscellaneous Expense; credit Cash
Business
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