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Which of the following is a true statement? One drawing account is setup to record all of the withdrawals for each partner. The drawing account
- Which of the following is a true statement?
- One drawing account is setup to record all of the withdrawals for each partner.
- The drawing account is reported as a credit in the revenue section of the income statement.
- The partner's drawing account balance reduces that partner's equity.
- The drawing account is not a m part of the statement of partner's equity.
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