Asked by
Kirill Dunayev
on Nov 12, 2024
Verified
The drawing account is debited in the closing entry.
Drawing Account
An account used to record amounts withdrawn by the owner of a business for personal use.
Closing Entry
Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent ones, preparing for the next period.
- Gain insight into the goal and steps of executing closing entries in the field of accounting.
Verified Answer
YA
Learning Objectives
- Gain insight into the goal and steps of executing closing entries in the field of accounting.