0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Is withdrawals a debit or a credit?
it is a debit balance because it decreases owner's equity, which has credit balance.
What is the normal balance of a capital account?
Capital account has credit balance as a normal balance of account as it is the amount company requires to return back to it's owner at the time of liquidation.
What are withdrawals?
Withdrawals are those amounts which is used by owner of business for personal use by withdrawing from business capital.
Does withdrawals by the owner decrease owners equity?
Withdrawals and expenses are taking away profit/revenue for the company, therefore, not improving it so it decreases owner's equity. Th.
Which side of trial balance you write drawings?
Withdrawals are recorded on the credit side of the trial balance.
Is withdrawals a debit or a credit?
it is a debit balance because it decreases owner's equity, which has credit balance.
What is the normal balance of a capital account?
Capital account has credit balance as a normal balance of account as it is the amount company requires to return back to it's owner at the time of liquidation.
What is classification and normal balance of the drawing account?
The classification and normal balance of the drawing account is the owner's equity with a debit balance. A balance sheet is a summary of a company's liabilities and assets, as well as the shareholders' equity.
When the owner invests cash in a business?
When the owner withdrawals cash for personal use,
What are withdrawals?
Withdrawals are those amounts which is used by owner of business for personal use by withdrawing from business capital.
Does withdrawals by the owner decrease owners equity?
Withdrawals and expenses are taking away profit/revenue for the company, therefore, not improving it so it decreases owner's equity. Th.
Do owners withdrawals decrease owner's equity?
Yes owners withdrawals results in reduction of owners capital from business.
Which side of trial balance you write drawings?
Withdrawals are recorded on the credit side of the trial balance.
What cannot be accomplished by automatic withdrawals?
checking your bank balance
What does a bankbook tell you?
Basically your deposits and withdrawals and your present balance.
Is there a formula that will help figure net income from assets liabilities owner withdrawals and owner investment?
40,000.00 Assets 26,500.00 Liabilities 1,400.00 Owners Investments 2,000.00 Owners Cash Withdrawals
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.
