Because they decrease equity, withdrawals made by a business owner are credited tohis/her withdrawals account.
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Q21: A transaction that increases an asset account
Q22: The chart of accounts is a list
Q23: Purchasing supplies on credit increases assets while
Q24: When a business sends a bill for
Q27: Debits to accounts are normally decreases.
Q28: The normal balance of an account refers
Q31: A compound journal entry usually affects three
Q33: A chart of accounts lists the accounts
Q34: Increases in liabilities are recorded as debits.
Q38: Prepaid Insurance is an expense account which
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