Which of the following would best be described as an ownership claim on a company's assets? O account receivable from the owner O liabilities O owner's equity O expenses Which of the following is a true statement about closing the books of a proprietorship? O Revenues, expenses, and the owner's drawings account are closed to the Income Summary account. O Expenses are closed to the owner's drawings account. O Only revenues are closed to the Income Summary account. O Only revenues and expenses are closed to the Income Summary account. Withdrawal of cash from a business by the owner for personal reasons will NOT affect which financial statement? O Balance sheet O Cash flow statement O Statement of owner's equity O Income statement A dress shop makes a large sale for $ 1010 on November 30. The customer is sent a statement on December 5 and payment from the customer is received on December 10. The dress shop follows GAAP. When should the $1010 of revenue be recognized? O December 1 O November 30 O December 5 O December 10