The account used to record the transfers of assets from a business to its owner is:
A) A revenue account.
B) The owner's withdrawals account.
C) The owner's capital account.
D) An expense account.
E) A liability account.

Question

Quizplus · Accepted Answer

The owner's withdrawals account is used to record transfers of assets from the business to the owner. This account is a contra equity account, meaning it reduces the balance of the owner's capital account.

The Account Used to Record the Transfers of Assets from a Business