Assume a proprietorship has revenue of $10,000, expenses of $6,000, and withdrawals of $1,000 during the year.

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Assume a proprietorship has revenue of $10,000, expenses of $6,000, and withdrawals of $1,000 during the year. These accounts are eventually closed to Group of answer choices

The same equity account

Two separate equity accounts

Three separate equity accounts

None of the above

Related Book For answer-question

Government and Not for Profit Accounting Concepts and Practices

ISBN: 978-1118155974

6th edition

Authors: Michael H. Granof, Saleha B. Khumawala

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Posted Date: Feb 09, 2024 05:59 AM

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Assume a proprietorship has revenue of $10,000, expenses of $6,000, and withdrawals of $1,000 during the year.

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Government and Not for Profit Accounting Concepts and Practices

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