The withdrawals account of each partner is:
A) A permanent account that is not closed.
B) Credited with that partner's share of net income.
C) Closed to that partner's capital account.
D) Closed to the Income Summary account.
E) Debited with that partner's share of net loss.

Question

Quizplus · Accepted Answer

The withdrawals account is a temporary account that is closed to the partner's capital account at the end of the accounting period to reflect the reduction in the partner's equity due to withdrawals.

The Withdrawals Account of Each Partner Is