The drawings account a. appears on the income statement along with the expenses of the business....
The drawings account
a. appears on the income statement along with the expenses of the business.
b. must show transactions every accounting period.
c. is increased with debits and decreased with credits.
d. is not a proper subdivision of owner's equity.
Homework Answers
Correct answer-----------c. is increased with debits and decreased with credits.
.
Drawing account is a contra equity account that has a debit normal balance.
Like all debit balance accounts drawings account increase with debit and decrease with credit.
Drawings account is generally only seen in a trial balance but never in income statement and balance sheet.
Add Answer to:
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