The closing entry for the drawings accounts will require:
A) a debit to income summary.
B) a credit to the capital account.
C) a debit to the drawings account.
D) a debit to the capital account

Question

Quizplus · Accepted Answer

The closing entry for the drawings account requires a debit to the capital account to reduce the owner's equity by the amount withdrawn during the period.

The Closing Entry for the Drawings Accounts Will Require