Chen operates an electronics repair business in Singapore. He withdrew $500 cash from the business bank account for personal use. What is the correct double entry?

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Question

Chen operates an electronics repair business in Singapore. He withdrew $500 cash from the business bank account for personal use. What is the correct double entry?

Accepted Answer

Debit Drawings $500; Credit Bank $500 — Award 1 mark for identifying that drawings (reduction in owner's equity) is debited and bank (asset) is credited when the owner withdraws money for personal use. A is incorrect — it reverses the entries. B is incorrect — drawings should be recorded in the drawings account, not capital. D is incorrect — the withdrawal was from bank, not cash.

Answer

Debit Capital $500; Credit Bank $500

Answer

Debit Cash $500; Credit Drawings $500

Answer

Debit Drawings $500; Credit Bank $500

Answer

Debit Bank $500; Credit Drawings $500

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