Accounts are kept for entities, rather than for the persons who own, operate, or otherwise are associated

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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].image text in transcribed

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Essentials Of Accounting

ISBN: 9780273771463

11th International Edition

Authors: Leslie K. Breitner

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