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Ace Company reports revenues of $40,000 and expenses of $31,000. The owner made no additional investments during the period, but withdrew $5,000 cash from the
Ace Company reports revenues of $40,000 and expenses of $31,000. The owner made no additional investments during the period, but withdrew $5,000 cash from the business. After closing entries are recorded, determine the amount of the increase or decrease in the owners capital account.
Amount of (increase, decrease) in the owner's capital account is _____
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