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Please explain how you got the answer. 7. At October 1, Smithson Enterprises reported owner's equity of $35,000. During October, no additional investments were made

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image text in transcribed 7. At October 1, Smithson Enterprises reported owner's equity of $35,000. During October, no additional investments were made and the company earned net income of $4,000. If owner's equity at October 31 totals $32,000, what amount of owner drawings was made during the month? A) $0 B) $1,000 C) $3,000 D) $7,000

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