Debit is the normal balance of O loans payable O capital O prepaid rent O unearned revenue The journal entry to record the owner's cash withdrawals will require a O debit to cash account O credit to capital account O credit to drawings account credit to cash account

Debit is the normal balance of O loans payable O capital O prepaid rent O unearned revenue The journal entry to record the owner's cash withdrawals will require a O debit to cash account O credit to capital account O credit to drawings account credit to cash account

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 4EB: For each of the following transactions, state which special journal (Sales Journal, Cash Receipts...

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Concept explainers

Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.

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Debit is the normal balance of
O loans payable
capital
prepaid rent
unearned revenue
The journal entry to record the
owner's cash withdrawals will require
a
debit to cash account
credit to capital account
credit to drawings account
credit to cash account

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