The account used to record the transfers of assets from a business to its owner (personal use) is:
a. A revenue account.
b. The owner's withdrawals account.
c. The owner's capital account.
d. An expense account.
e. A liability account.
Answer: B
The account used to record the transfers of assets from a business to its owner (personal use) is:
a. A revenue account.
b. The owner's withdrawals account.
c. The owner's capital account.
d. An expense account.
e. A liability account.
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