Question Details

Why is the Owner's Withdrawals account increased by a debit 



1.	Discuss the difference between business events that are transactions and those that are not. Why is the distinction important?
2.	Why is the Owner's Withdrawals account increased by a debit ? Explain in terms of its relationship to owner's equity.
3.	Indicate whether each account below has a normal debit or a normal credit balance.
a. Automobiles	g. Owner's Withdrawals
b. Accounts Payable	h. Unearned Revenue
c. Owner's Capital	i.  Land
d. Prepaid Rent	j.  Interest Payable
e. Advertising Expense	k. Notes Receivable
f.  Service Revenue	




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