6. If the owner of the business withdrew cash for personal use, the accounting entry should be: a) Debit Drawings account: Credit Purchases account b) Debit Drawings account: Credit Cash account c) Debit Cash account: Credit Drawings account d) Debit Purchases account: Credit Drawings account Other: 7. The balance sheet accounting element that is defined as things of value which the company owns or controls is called a) Assets Ob) Liabilities c) Cash flows O d) Equity Other