: The owner of the business is questioning why the gasoline and oil consumed by the family in going to Cagayan by his family which was paid from cash of the business charged to his personal drawing. He is claiming that since he is the owner of the business, he has the discretion to the use of business cash. How would you explain your accounting for such payment?
A, single proprietor of a business concern, is about to leave for a business trip and, as he so often does on these occasions, signs several checks in blank. He ...
