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Which of the following accounts will be debited if the business's...

This question belongs to Commerce Accounting
Accounting
?

Which of the following accounts will be debited if the business's owner withdraws cash from business for personal use?

Answer & Solution
Correct Answer: Option A
Drawings accounts will be debited if the business's owner withdraws cash from business for personal use. Goods withdrawn for personal use by the owner of a business reduce inventory and are recorded on a drawings account.
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