In order to close the Owner's Drawings account, the
A) Income Summary account should be debited.
B) Income Summary account should be credited.
C) Owner's Capital account should be credited.
D) Owner's Capital account should be debited.

Question

Quizplus · Accepted Answer

Owner's Drawings is a contra equity account that reduces the Owner's Capital account. Therefore, to close the Owner's Drawings account, we need to debit the Owner's Capital account.

In Order to Close the Owner's Drawings Account, the