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Jackson and Jones, partners in the JJ Grocery Group, frequently withdraw cash for personal living expenses. How should these cash withdrawals be recorded in the
Jackson and Jones, partners in the JJ Grocery Group, frequently withdraw cash for personal living expenses. How should these cash withdrawals be recorded in the records of the partnership?
debit an expense account; credit cash.
debit the partner's drawing account; credit cash.
debit the partner's capital account; credit cash.
debit the revenue account; credit cash.
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Financial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
15th edition
1337272124, 978-1337515504, 1337515507, 978-1337272155, 978-1337272124
