The classification and normal balance of the drawing account is
A) an expense with a credit balance
B) an expense with a debit balance
C) a liability with a credit balance
D) owner's equity with a debit balance

Question

Quizplus · Accepted Answer

The drawing account is classified under owner's equity and has a normal debit balance because it represents withdrawals made by the owner from the business for personal use, reducing the owner's equity.

The Classification and Normal Balance of the Drawing Account Is