Classification Flashcards by Thomas Johnson

Q

Q: What type of account is Capital (5101)?

A

Capital is an Owners Equity account

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Q

Q: What type of account is Drawings (5101A)?

A

Drawings is a Negitive Owners Equity

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Q

Q: What type of account is Profit or Loss Summary (5102)?

A

Profit or Loss Summary is an Owners equity

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