Drawings account is contra account for reducing the owners capital account and as capital account is credit so contra account should be debit so that it can use to reduce the balance from owner’s capital.
debit
its a debit
Drawings is a contra account. Debit is the normal balance of Drawing account.
Drawings has debit balance as a normal balance that's why it is increased by debit and reduced by credit.
its debit.
debit
its a debit
Drawings is a contra account. Debit is the normal balance of Drawing account.
Drawings has debit balance as a normal balance that's why it is increased by debit and reduced by credit.
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.
its debit.
If you're drawing funds from an account - it is a debit action.
An Expense would normally have a debit balance.
Either you can consider purchase is an expense and a debit balance or an asset an a debit balance
It has debit balance as investment is an asset and all assets have debit balance .
The normal balance for assets is debit, meaning they increase with debits and decrease with credits. Liabilities and capital have a normal credit balance, increasing with credits and decreasing with debits. Drawings (owner withdrawals) have a normal debit balance, while revenues also carry a normal credit balance. Expenses typically have a debit balance, increasing with debits and decreasing with credits.
debit