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The Drawings account is not an expense account. It is a contra equity account. Therefore, it appears on the balance sheet.
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∙ 12y ago
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Are personal drawings a business expense?
No, personal drawings is money you take out of the busniess for your personal use.
Does payroll Expense have a credit or debit account?
Payroll expense is a nominal account and as it is expense account so like all expense accounts it also have debit account.
Is drawings account is a contra account?
Drawings account is a contra account because it reduces the owner's equity account's normal balance, a credit balance.
Paid cash to owner for personal use is this an expense?
no its drawings
Can a company director withdrawal cash for drawings account from company?
Yes, but it will be treated as a drawings account.
Is drawings account is Nominal or Personal account?
Drawings Account is a Nominal Account. Nominal accounts record liabilities, expenses, revenues, capital and drawing. Examples of nominal accounts are loan account, sales account, commission received account, salaries account, rent account, capital account, drawings account etc.
What type of account is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What account type is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What account types is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
Is the drawing account is a temporary account?
Drawings Account is a Temporary Account
How do I account for IT maintenance expense?
software expense
Is a drawing account an expense or liability?
an expense
