The partners' drawings accounts are
A) reported on the income statement.
B) reported on the balance sheet.
C) closed to income summary.
D) closed to the partners' capital accounts.

Question

Quizplus · Accepted Answer

The partners' drawings accounts are closed to the partners' capital accounts at the end of the accounting period to adjust the capital balances for the amounts withdrawn by the partners during the period.

The Partners' Drawings Accounts Are