In Preparing Closing Entries, The Owner's Drawings Account Will Be Debited - Closing Journal Entry For Owner's Drawings Account
To Close Drawings Account, We Debited It Or Credited? No, in preparing Closing Entries , the Owner’s Drawings Account will be credited and not debited as the normal, positive or usual balance of drawings account is debited which is opposite to Owner’s Equity Account , i.e., it is a Contra Capital Account . So, to close drawings account, we credited it and debit Capital Account as show below: Drawings Closing Entry / The Journal Entry To Close Drawings Account Capital a/c XXX ...