If Jones, the owner of Hardware company, uses cash of the business to purchase a family car, the business should record this use of cash with an entry to:
a. Debit Expense and credit Cash.
b. Credit Expense and Debit Cash.
c. Debit Cash and credit Withdrawals.
d. Debit Withdrawals and credit Cash.
e. Debit car and credit Cash.
Answer: D
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