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What the withdrawal should be recorded in a

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Problem 1: If the owner takes cash out of the business for personal use, the withdrawal should be recorded in a(n) _________.

Option 1: drawing account

Option 2: expense account

Option 3: liability account

Problem 2: When the owner invests cash in a business,

Option 1: assets and revenue increase.

Option 2: assets increase and owner's equity decreases.

Option 3: liabilities decrease and owner's equity increases.

Option 4: assets and owner's equity increase.

Reference no: EM132624169

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