Answered: What is the account used to record…

What is the account used to record amounts withdrawn for personal use (not for business use) by an owner of a sole proprietorship called? Group of answer choices revenue capital drawing investment

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter14: Choice Of Business Entity—operations And Distributions

Section: Chapter Questions

Problem 1DQ

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Question

What is the account used to record amounts withdrawn for personal use (not for business use) by an owner of a sole proprietorship called?

Group of answer choices

revenue

capital

drawing

investment

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