Aries and Eros Start a Partnership Firm with Capital Contributions

question 44

Multiple Choice

Aries and Eros start a partnership firm with capital contributions of $40,000 and $60,000, respectively. In course of the year, Aries withdraws $5,000 from the business in order to meet his personal expenses. Which of the following is the correct journal entry to close the relevant Withdrawals account at the end of the year?

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Definitions:

Cognitive Flexibility

The mental ability to switch between thinking about two different concepts, or to think about multiple concepts simultaneously.

Nonverbal Language

Communication without words, which can include gestures, facial expressions, body language, and postures.

Sign Language

A language that conveys meaning through manual communication and body language instead of sound, used primarily by deaf and hard-of-hearing individuals.

Cognitive Maturation

The process of intellectual growth and development, involving the advancement of mental abilities like thinking, reasoning, and problem solving.