with explanation

Bank for Accounting Principles, Ninth Edition October 1, Smithson Enterprises reported owner's equity of $35,000. During October, the owner made additional investments of $2,000 and the company earned net income of s6,000. If owner's equity at October 31 totals $40,000, what amount of owner drawings were made during the month? a. $0 b. $3,000 c. $4,000 d. $5,000 Ans: b S08 BT: AN Difficulty: Medium TOT: 1.5 min. AACSB Refective Thinking AICPA B8: Critical Thinking AICPA FN Reporting At October 1, Smithson Enterprises reported owner's equity of $35,000. During October, the owner made additional investments of $5,000 and the company posted a net loss of $3,000. If owner's equity at October 31 totals $35,000, what amount of owner drawings were made during the month? a. $0 b. $2,000 c. $3,000 d. $5,000 151. Ans: b s08 BT: AN Difficulty: Medium TOT: 1.5 min. AACSB: Refective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting Additional Multiple Choice Questions