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Name: What happens when an owner withdraws cash for personal use?Onothing,
Uploaded: 2024-03-04T10:43:15.000Z
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Description: What happens when an owner withdraws cash for personal use?Onothing, because the cash is not for business useO owner's equity increasesO owner's equity decreasesO liabilities increase

Business

Accounting

What happens when an owner withdraws cash for personal use? Onothing, because the cash is not for business use O owner's equity increases O owner's equity decreases O liabilities increase

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 6DQ: When an owner withdraws cash or goods from the business, why is this considered an increase to the...

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When an owner withdraws cash or goods from the business, why is this considered an increase to the Drawing account and not an increase to the Wages Expense account?
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