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Partners' withdrawals of assets are: Multiple Choice Credited to their retained earnings. Debited to their withdrawals accounts. Debited to their asset accounts.

Respuesta :

ANSWER :

Debited to Withdrawals Account.

EXPLANATION :

Capital is the cash / bank , stock or assets bought in by entrepreneur(s) .

Being a part of equity , it is credited.

Drawings are the opposite of capital (things taken from entrepreneur(s) ) . They are debited .

Retained Earnings A/c is nowhere associated with this transaction. The respective asset account is associated, but it will be credited (not debited) .

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