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Which the owner capital account will show a net

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Reference no: EM133007167

Problem 1: If the amount of profit for the current period is less than the amount of the owner'swithdrawals, there will be a(n)

a. decrease in the Cash account.

b. decrease in the owner's Capital account.

c. increase in liabilities on the balance sheet.

d. increase in the Cash account.

e. increase in the owner's Capital account.

Problem 2: Profit for Jeffrey Franco's Treasures is P250,000 for the current year. The owner withdrew P30,000 per month for personal living expenses. The owner's Capital account will show a net

a. decrease of P110,000.

b. decrease of P360,000.

c. increase of P610,000.

d. increase of P110,000.

e. increase of P360,000.

Reference no: EM133007167

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