explain me why withdrew account is drawing account in journal entru
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An account is set up in the balance sheet to record the transactions taken place of money removed from the company by the owners. This is known as the 'drawing account'. In the drawing account, the amount withdrawn by the owner is recorded as a debit. If goods are withdrawn, the amount recorded is at cost value.
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An account is set up in the balance sheet to record the transactions taken place of money removed from the company by the owners. This is known as the 'drawing account'. In thedrawing account, the amountwithdrawn by the owner is recorded as a debit. If goods are withdrawn, the amount recorded is at cost value
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