Paul Dumas withdrew $10,000 from his business, Dumas Pharmacy, which is organized as a proprietorship. Dumas' accountant

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Paul Dumas withdrew $10,000 from his business, Dumas Pharmacy, which is organized as a proprietorship. Dumas' accountant recorded this withdrawal as an increase in an expense and a decrease in cash. Is this treatment correct? Why or why not?

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Accounting Principles Part 1

ISBN: 978-1118306789

6th Canadian edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

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Question Posted: Mar 15, 2017 10:49 AM

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Paul Dumas withdrew $10,000 from his business, Dumas Pharmacy, which is organized as a proprietorship. Dumas' accountant

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No this treatment is not proper While the transaction does involve a disburse...View the full answer

Accounting Principles Part 1

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