Asked by
Jemoi Gibbs
on Nov 15, 2024
Verified
Which accounts are affected when the owner withdraws cash from the business?
A) Assets and Withdrawals
B) Liabilities and Capital
C) Assets and Liabilities
D) None of the above is correct.
Withdrawals
The removal of funds from a bank account or the taking out of cash or assets from a business by its owner for personal use.
Assets
Economic resources owned or controlled by a business, expected to bring future benefits.
- Perceive the interrelation among withdrawals, investments, and proprietor's equity.
- Investigate the repercussions of diverse transactions on Assets, Liabilities, and Owner's Equity.
Verified Answer
EV
Learning Objectives
- Perceive the interrelation among withdrawals, investments, and proprietor's equity.
- Investigate the repercussions of diverse transactions on Assets, Liabilities, and Owner's Equity.