Question: Accounts are kept for entities, rather than for the persons who own, operate, or otherwise are associated with those entities. For example, suppose Green Company

Accounts are kept for entities, rather than for the persons who own, operate, or otherwise are associated with those entities. For example, suppose Green Company is a business entity, and Sue Smith is its owner. Sue Smith withdraws $100 from the business. In preparing financial accounts for Green Company, we should record the effect of this withdrawal on the accounts of [Sue Smith / the entity]. Green Company Owner 00 The accounting entity NOT the accounting entity

Green Company Owner 00 The accounting entity NOT the accounting entity

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