Identify the account used by businesses to record the transfer of assets from a business to its owner for personal use:
A) The owner's withdrawals account.
B) The owner's capital account.
C) A revenue account.
D) An expense account.
E) A liability account.

Question

Quizplus · Accepted Answer

The owner's withdrawals account is used to record the transfer of assets from a business to its owner for personal use. This account is a sub-account of the owner's equity section and is also known as the "drawings" account.

Identify the Account Used by Businesses to Record the Transfer