Determine: Dx

question 217

Essay

Determine:
dx

---

Definitions:

Capital Balances

The amounts of money that the owners or partners have invested in a business, represented in the equity section of the balance sheet.

Partnership Assets

Resources or items of value owned by a partnership that are used in the operation of the business.

Chart of Accounts

A structured list of all the financial accounts used in the organization's general ledger.

Drawing and Capital Accounts

These refer to accounts used in partnerships and sole proprietorships where the 'drawing account' tracks withdrawals made by the owner(s) for personal use, and the 'capital account' tracks the owner's invested equity and retained earnings in the business.