Which of the following is the correct ending to the next sentence? When an owner makes a withdrawal of an asset for personal use...* Owner's Equity will be decreasing with a debit to Drawings. O the Drawings account will "increase" with a credit. O the Drawings account will be "decreased" with a debit. O the Capital account will be directly increased with a debit.
Which of the following is the correct ending to the next sentence? When an owner makes a withdrawal of an asset for personal use...* Owner's Equity will be decreasing with a debit to Drawings. O the Drawings account will "increase" with a credit. O the Drawings account will be "decreased" with a debit. O the Capital account will be directly increased with a debit.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter4: Journalizing And Posting Transactions
Section: Chapter Questions
Problem 3MC: To purchase an asset such as office equipment on account, you would credit which account? (a) Cash...
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![Which of the following is the correct ending to the next sentence? When an
owner makes a withdrawal of an asset for personal use... *
Owner's Equity will be decreasing with a debit to Drawings.
O the Drawings account will "increase" with a credit.
O the Drawings account will be "decreased" with a debit.
O the Capital account will be directly increased with a debit.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5e682d11-5218-4f5d-84f5-0e8676e030cc%2F8004dab0-9c67-471c-acd8-0b6f9e5cad91%2F91iuohm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Which of the following is the correct ending to the next sentence? When an
owner makes a withdrawal of an asset for personal use... *
Owner's Equity will be decreasing with a debit to Drawings.
O the Drawings account will "increase" with a credit.
O the Drawings account will be "decreased" with a debit.
O the Capital account will be directly increased with a debit.
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