Read each of the following transactions. Determine the accounts to be debited and credited. A) Issued a check for $2,500 to Jaime Gomez, the owner, as a cash withdrawal for personal use.B) Issued a check for $75 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: Supplies, $25; Delivery Expense, $10; Miscellaneous Expense, $15.
What will be an ideal response?
A) Debit Jaime Gomez, Drawing; credit Cash
B) Debit Petty Cash Fund; credit Cash
C) Debit Supplies, Delivery Expense, and Miscellaneous Expense; credit Cash
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