Asked by Amrita Tambar on Apr 28, 2024
Verified
The classification and normal balance of the drawing account are
A) expense, credit balance
B) expense, debit balance
C) liability, credit balance
D) owner's equity, debit balance
Drawing Account
An account that tracks the amount withdrawn by the owners from the business for personal use.
Credit Balance
The amount appearing on the credit side of a ledger, indicating the total credits exceed the total debits in an account.
Debit Balance
It is the remaining amount owing in an account after all debits and credits have been accounted for, typically found in asset and expense accounts.
- Distinguish and sort various account types (assets, liabilities, owner's equity, expenses, revenues).
- Acknowledge the regular balance (debit or credit) for multiple kinds of accounts.
Verified Answer
Learning Objectives
- Distinguish and sort various account types (assets, liabilities, owner's equity, expenses, revenues).
- Acknowledge the regular balance (debit or credit) for multiple kinds of accounts.
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