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.

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Description: Which of the following is the correct ending to the next sentence? When anowner 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

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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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.

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