Identify the correct Generally Accepted Accounting Principles (GAAP) which need to be applied in the following instances. When a business owner uses funds from the business to pay for personal expenses, these expenses must be recorded in an account separate to that of other business expenses. For example, if the business owner pays for her personal rent with the business's money, the transaction must be recorded in the Drawings account and cannot be included the Rent Expense account of the business. Although the business has received rent for 13 months, only 12 months can be recorded in this financial year