English, asked by chauhansohit505, 9 months ago

Drawings account can be classified a which type of account?​

Answers

Answered by ItzNobitaSmart
2

Answer:

The drawing account's purpose is to report separately the owner's draws during each accounting year. Since the capital account and owner's equity accounts are expected to have credit balances, the drawing account (having a debit balance) is considered to be a contra account.

Explanation:

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hi

10 ȶɦǟռӄֆ❤️﹢ʄօʟʟօա✨=ɨռɮօӼ✉

Answered by bhavana1850
0

Explanation:

A drawing account is a contra account to the owner's equity. The drawing account's debit balance is contrary to the expected credit balance of an owner's equity account because owner withdrawals represent a reduction of the owner's equity in a business

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