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At October 1, Smithson Enterprises Reported Owner's Equity of $35,000

Question 152

Multiple Choice

At October 1, Smithson Enterprises reported owner's equity of $35,000. During October, no additional investments were made and the company earned net income of $4,000. If owner's equity at October 31 totals $32,000, what amount of owner drawings were made during the month?


A) $0
B) $1,000
C) $3,000
D) $7,000

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