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What happens to balance on drawings account at the end of accounting year?
Wiki User
∙ 9y ago
Balance of drawing account is write off against owners capital at the end of fiscal year. Journal entry is as follows:
[Debit] Owners capital
[credit] Drawings account
Wiki User
∙ 9y ago
Wiki User
∙ 9y ago[Debit] Owners capital
[credit] Drawings account
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When an account balance is written-off what happens to the account balance?
It goes to a collection agency, prepare to get annoyed and harassing phone calls
When an account balance is written -off what happens to the account balance?
It goes to a collection agency, prepare to get annoyed and harassing phone calls
WHEN AN ACCOUNT BALANCE IS WRITTEN OFF WHAT HAPPENS TO THE ACCOUNT BALANCE?
It goes to a collection agency, prepare to get annoyed and harassing phone calls
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decreased
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Escher's drawings illuminate your mind and confuses you for a second.
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What happens to my financial statement if I don't record a prepayment?
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