The account used to record the transfers of assets from a business to its owner is:

A) A revenue account.
B) The owner's withdrawals account.
C) The owner's capital account.
D) An expense account.
E) A liability account.

Learning Objectives

• Discern the customary balances for distinct account classifications like assets, liabilities, equity, revenue, and expenses.
• Discern how transactions modify account balances within the framework of the double-entry accounting system.