what is drawing in accounting​

1. what is drawing in accounting​

Answer:

A drawing account is an accounting record maintained to track money withdrawn from a business by its owners. A drawing account is used primarily for businesses that are taxed as sole proprietorships or partnerships.

:)

Answer:

A drawing account is an ACCOUNTING record maintained to track money withdrawn from a business by its owners.A drawing account is used primarily for businesses that are taxed as sole proprietorship or partnerships.

2. deifferentiate owner's equity account from owner's drawing account​sa accounting po thankyou:)

Answer:

Business owners might use a draw for compensation versus paying themselves a salary. Owner's draws are usually taken from your owner's equity account. Owner's equity is made up of different funds, including money you've invested into your business. Business owners can withdraw profits earned by the company.

Explanation:

An owner's drawing is not a business expense, so it doesn't appear on the company's income statement, and thus it doesn't affect the company's net income. Sole proprietorships and partnerships don't pay taxes on their profits; any profit the business makes is reported as income on the owners' personal tax returns.

Owner's equity represents the owner's investment in the business minus the owner's draws or withdrawals from the business plus the net income (or minus the net loss) since the business began. Owner's equity is viewed as a residual claim on the business assets because liabilities have a higher claim.

3. Draw the concept of accounting equation.​

Answer:

hope it helps. pa follow po thanks!

4. For each of the transactions below, indicate the account to be debited or credited by placing the letter representing the account in the appropriate column: Debit Credit Transactions Transactions1. Investment of the owner 2. Paid Salaries3.received cash for services rendered4.purchased equipment5.withdrew cashAccountsa. Accounts receivableb. cashc. drawingd.accounts payable​

Step-by-step explanation:

1. A.

2. D.

3. A.

4. D.

5. C.

5. Draw or write to explain why 1 hundred 4 tens and 14 tens name the same account

1 hundred 4 tens is 100+40=140.

14 tens will be 14(10)=140.

6. What items are decided in the partner's drawing account?​

Answer:

A partnership draw is money or property taken out of a business by one of its partners. The money or assets the partner withdraws is recorded in the company's accounting record in what is referred to as a drawing or draw account. Draws differ from loans, as the partner can keep the money or assets.

Janhevsinagdkxiwnakd

7. TRUE OR FALSE (BRAINLIEST KO PAG MATINONG SAGOT!) 1. One aspect that partnership differs from the sole proprietorship is the plurality of capital and drawing accounts. 2. The net income in a partnership business is closed to partner’s drawing account and not to capital accounts. 3. A partner’s share in Net Income is credited to Partner’s Drawing account. 4. A partner who contributes labor and skills to the partnership is said to be an industrial partner. 5. Salary to partner is regarded as part of profit distribution and not a business expense.

Answer:

1:true 2:false 3:true 4:true 5:true pa brainlest po

Answer:

1.) TRUE

2.) FALSE

3.) TRUE

4.) TRUE

5.) TRUE

sana maka-tulong^^

Stay Safe!

8. Temporary accounts would include:Select one:a. Drawing, income and expensesb. Capital, drawing and expensesc. Capital, income and expensesd. Capital, drawing and income​

Answer:

c. CAPITAL, INCOME AND EXPENSES

Step-by-step explanation:

INCOME AND EXPENSES- referred to as temporary accounts.                                    -the temporary extensions of the owner's equity or capital.                            

9. Which of the following accounts are used when the owner withdraws cash from the company? Which of the following accounts are used when the owner withdraws cash from the company? Cash & Owner's Drawing accounts Cash & Sales accounts Cash & Miscellaneous Expense accounts Cash & Owner's Capital accounts

Ashlynx123, Thanks for the points! You have contributed to a great cause! Have a wonderful day and remember to stay positive.

Answer:

Cash & Owner's drawing accounts

Explanation:

to record withdrawal's

10. Choose at least 5 accounting principle and explain its impact to the accounting process of the company. Do it in the form of diagram. You can draw it or you can apply the use of ICT features for creativity.​

Answer:

ito napo

Explanation:

hope help

Answer:

nasa taas sagot po

Explanation:

bajhwba

11. 7. Which is an equity account? a. Loan Payableb. Inventoryc. Petty cashd. Owner's drawing8. Which is a liability account?a. Loan Payableb. Inventoryc. Petty cashd. Owner's drawing​

Answer:

number 8 is a number 7 is c

Answer:

7.   d. Owner's drawing                                                                                                                                 because Owner's draws are usually taken from your owner's equity account.

8. a. Loan Payable

because Loans payable is a liability account listing the amount of any loan

Explanation:

pa brainliest

12. which of the following is not an asset accounta accounts receivable b drawing c equipment d supplies​

Answer:

b because if dont know why?

i will say sorry for it

.

Answer:

c. drawing

Explanation:

its because drawing is a skill of a human asset but not an account asset

13. Sentence with the word draw in past progressive formNonsrnse=Ban Account​

Answer:

Draw verb forms

Infinitive Present Participle Past Tense

draw drawing drew

14. 1. Management accounting a. Is governed by generally accepted accounting principles. b. Draws from disciplines other than accounting. c. Is geared primarily to the past rather than the future. d. Places more emphasis on precision of data compared with financial accounting which does not.​

Answer:

B. Draws from disciplines other than accounting. 

Step-by-step explanation:

Its the easy way to do.

15. it draws a particular historical account or past event.​

✏️Answer✏️

History

What is a history?

The whole series of past events connected with someone or something.

Or

The study of past events, particularly in human affairs.

Answer:

Multiplyling a Decimal by a whole Number

Explanation:

Solve the Following problem

16. Directions: Write the accounts title needed in the following financial statement. Accounts Payable Income Accounts Receivable Notes Payable Advertising Expense Rent Expense Capital Salaries Expense Cash Sales Drawing Supplies Equipment Utilities Expense Trial Balance Balance Sheet Income Statement​

Answer:

TRIAL BALANCE

Cash

Accounts Receivable

Accounts Payable

Notes Payable

Salaries Expense

Advertising Expense

BALANCE SHEET

Cash

Accounts Receivable

Accounts Payable

Supplies

Equipment

Capital

Drawing

INCOME STATEMENT

Income

Sales

Rent Expense

Salaries Expense

Utilities Expense

Advertising Expense

Answer:

ok lng nmn q po

Explanation:

ok lng nmn po

17. 1. Which is an equity account?a. Loan payableb. Inventoryc. Petty cashd. Owner's drawings2. Which is a liability account?a. Loan payableb. Inventoryc. Petty cashd. Owner's Equity​

Answer:

1.Inventory

2.Inventory

Explanation:

secret

d

a

management accounting collge level

18. what is the printed piece of paper used in bank to with draw money in cash from one's account​

Answer:

maybe a cheque? i think that is the answer to your question

19. What are the points to consider in preparing a farm/field plan and layout/drawing?Auto Report Account Hindi Maayos Sagot :)​

Answer:

Key factors that should be considered carefully during the planning stage of the farming operation are: site selection, water supply and quality, crop and variety selection, and, market development. If the wrong decision is made with regard to anyone of these, the operation is doomed for failure.

HOPE IT HELPS

20. The following are accounts with credit balances except for:A. CapitalB. DrawingC. ExpensesD. Income​

Answer:

B.Drawing

Explanation:

ewan kung tama hehe

Answer:

B

Explanation:

lahat naman tayo dito ay marunong mag drawing

21. Witch of these accounts are REVENUES: Cash Accounts Receivable Utilities Expense Furniture Play Equipment Nursery Fees Notes Payable Capital Advertisting Expense Accounts Payable Rent expense Salaries Expense Drawing Nursery Supplies

cash, accounts receivable, utilities expense, furnitures, play equipment, capital, advertising expense, rent expense, salaries expense, nursery supplies, nursery fees

not sure hehe. have a nc day :D

22. 3. Which of the following is an example of literature? a blog b. drawing C. Folktale d social media account​

Answer:

letter C is the answer !!

Explanation:

keepsafe

Answer:C

Explanation

Literature is defined as books and other written works, especially those considered to have creative or artistic merit or lasting value. Books written by Charles Dickens are an example of literature. Books written on a scientific subject are examples of scientific literature. Written fiction of a high standard.

23. Angels checking account has a balance of PHP 16,330. after with drawing an amount from her account, her balance is PHP 9,450. How much did she withdraw?

Answer:

=16,330 - 9450

=6880 pesos

= 16,330 - 9,450
=PHP 6880
Pa thanks nalang po lods

24. TRUE OR FALSE (BRAINLIEST KO PAG MATINONG SAGOT!) 1. A partner’s share in Profit is credited to Partner’s Drawing Accounts. 2. A newly organized partnership should always open a new set of books of accounts.

Answer:

1. true

2. true

Explanation:

#HOPE ITS HELP

Answer:

1.true

2.true

Explanation:

correct me if im wrong

25. When the amount of the drawing account exceeds net operating incomeA. Assets IncreaseB. Capital IncreaseC. Capital DecreaseD. No effect on Capital​

Answer:

ang sagot ko po at letter D

26. draw a bar line for each examples you may also account for each44 3424​

Answer:

had an amazing person and your not going back and we were in

Explanation:

bed with him up with your mom was just like the other

27. 1.Indicate in each independent case whether the account is to be debited (DR) or to becredited (CR). Write your answer before the number.1. Increase in Accounts Payable2. Decrease in Capital account3. Increase in Service Revenue4. Increase in Cash5. Decrease in Accounts Receivable6. Increase in Salaries Expense7. Increase in Office Equipment8. Increase in unpaid Salaries9. Increase in Owner's drawing account10. Increase in Interest Income​

Answer:

1.DR

2.CR

3.DR

4.CR

5.CR

6DR

7.DR

8.CR

9.DR

10.CR

Step-by-step explanation:

HOPE IT HELPS

28. a thousand dollars is left in a bank savings account drawing 7% interest,compounded quarterly for 10 years.what is the balance at the end of that time?​

Answer:

70

Step-by-step explanation:

p=R times B 7% times 10= (70)

29. A debit may signify a decrease in A.)a liability accountB.)an asset accountC.)an expense accountD.)Owner's Drawing account​

A.) a liability account

Step-by-step explanation:

A.)a liability account

30. Learning Task 1: Identify the effects on accounts. Do this in your notebook. Example: Purchase of Equipment Answer: Equipment-Increase; Cash-Decrease1. Purchase of Inventory for cash2. Purchase of Inventory on account 3. Payments of accounts payable4. Sale of goods on account and the charging of the cost of the goods sold as expense. 5. Collection of accounts receivable 6. Payment of accounts payable 7. Cash drawings of the business owner 8. Payment of advanced rent 9. Payment of supplies expense 10. Obtaining a loan​

Answer:

a. equipment decreased b. cash decreased

1.b

2.b

3.a

4.a

5.a

6.b

7.b

8.a

9.b

10.a