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What the accounting entry to record transaction is

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Problem 1: Gemma and Audrey are in partnership. Their capital balances at the end of the accounting period are $200 000 and $150 000 respectively. Gemma decides to make a permanent cash withdrawal from her capital account of $75 000. Assuming the fixed capital balances method (method 2) is used, the accounting entry to record this transaction is:

Select one:

a. DR Gemma capital account $75 000; CR Profit distribution account $75 000
b. DR Gemma retained earnings account $75 000; CR Bank account $75 000
c. DR Gemma capital account $75 000; CR Bank account $75 000
d. DR Gemma retained earnings account $75 000; CR Profit distribution account $75 000

Reference no: EM132774725

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