True & False Withdrawals are a type of transaction that affects equity. A building is an example

True & False
  

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Withdrawals are a type of transaction that affects equity. A building is an example of an asset that does not provide any benefit to its owner. To make it easier for the bookkeeper, the cost of land is separated from the cost of buildings located on the land. Unearned revenues are assets, because a service or product is owed to the customer. Cash withdrawn by the owner of an unincorporated business in the form of a monthly salary should be treated as an expense of the business. Withdrawals are a type of transaction that affects equity. A building is an example of an asset that does not provide any benefit to its owner. To make it easier for the bookkeeper, the cost of land is separated from the cost of buildings located on the land. Unearned revenues are assets, because a service or product is owed to the customer. Cash withdrawn by the owner of an unincorporated business in the form of a monthly salary should be treated as an expense of the business.

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Answer 6 TRUE Explanation It is a transaction with the owner and hence goes to r... View the full answer