The drawing account should be used to show:a. the amount the owner has invested in the business.b. the amount the owner has taken out of the business.c. the amount the business has earned.d. the amount the business has spent.

In accounting, the drawing account is used specifically to track the withdrawals made by the owner…

Answered: The drawing account should be used to…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 7Q: What is the effect on the accounting equation when a business pays the balance due on accounts...

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The owners' claims to the assets of the business are called ________. A.equity B.expenses C.debt D.return on assets
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The amount brought in by owner of the business should be credited to? a. Owner's equity b. Drawings c. Cash d. All above
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The drawing account should be used to show: a. the amount the owner has invested in the business. b. the amount the owner has taken out of the business. c. the amount the business has earned. d. the amount the business has spent.