1. The partner capital account is what type of account and what is the capital accounts normal balances?
A. Asset account , normal balance
B. Equity account, normal debit balance
C. Asset account , normal credit balance
D. Equity account, normal credit balance
2. On which financial statement in each partners capital account?
A. A balance sheet
B. income statement
C. Statement of retained earnings
D. cash flow statement
4. In a sole proprietorship the drawing account is similar to what account in a corporation?
A. capital account
B. retained earnings
C. dividends
D. Common stock