Refer to Table 8. Assume Joey takes $50,000 in cash and a promissory note for $20,000. The entry to record his withdrawal includes a:
A. credit to Joey, capital for $70,000
B. debit to Joey, capital for $70,000
C. credit to Joey, capital for $50,000
D. debit to Joey, capital for $50,000
Answer:B
Refer to Table 8. Assume Joey takes $50,000 in cash and a promissory note for $20,000. The entry to record his withdrawal includes a:
A. credit to Joey, capital for $70,000 B. debit to Joey, capital for $70,000 C. credit to Joey, capital for $50,000 D. debit to Joey, capital for $50,000