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

Drawings by partners are not expenses of the business and therefore do not appear on the income statement. Instead, they are deductions from the partners' capital accounts, reflecting withdrawals of business assets for personal use.

The Partners' Drawings Accounts Are