24. Which of the following statements about partnership accounts is true? • a. Two accounts are generally maintained for O each partnet, a drawing account and a capital account b. The drawing account is credited with a O partner's withdrawals of cash or other assets during the period O c. Answer (a) is correct but (b) is false O d. Answers (a), (b), and (c) are all correct
24. Which of the following statements about partnership accounts is true? • a. Two accounts are generally maintained for O each partnet, a drawing account and a capital account b. The drawing account is credited with a O partner's withdrawals of cash or other assets during the period O c. Answer (a) is correct but (b) is false O d. Answers (a), (b), and (c) are all correct
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:24. Which of the following statements
about partnership accounts is true?*
a. Two accounts are generally maintained for
each partner, a drawing account and a capital
account
b. The drawing account is credited with a
partner's withdrawals of cash or other assets
during the period
c. Answer (a) is correct but (b) is false
O d. Answers (a), (b), and (c) are all correct
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