The effect of the entry to close the drawing account causes ______. (check all that apply.)

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27-07-2022
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The effect of the entry to close the drawing account causes ______. (check all that apply.)

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khuranashilpa76 khuranashilpa76 · Answer 1 · 2022-08-05T20:00:33+02:00

The impact of the access to shut the drawing account causes a credit to the drawing account.

A journal entry ultimate the drawing account of a sole proprietorship consists of a debit to the owner's capital account and a credit score to the drawing account.

To shut the drawing account to the capital account, we credit score the drawing account and debit the capital account. observe that drawings decrease capital.

The ultimate entries serve to switch the balances out of certain transient bills and into permanent ones. This resets the stability of the temporary debts to 0, ready to start the subsequent accounting duration. The procedure transfers those temporary account balances to everlasting entries on the employer's stability sheet.

If your enterprise is a sole proprietorship or partnership, close the drawing bills (if any) by using getting ready magazine access that credit the drawing account and debits the owner's equity account.

Learn more about a drawing account here: https://brainly.com/question/4397670

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