Archive for abril 25th, 2024

What is Drawing Expense in Accounting? Definition & Example

What is Drawing Expense in Accounting? Definition & Example

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Drawings are not taxable income and do not affect the business’s net income. However, they do affect the owner’s equity balance and can have an impact on the business’s financial statements. Drawings are recorded in a separate ledger called the drawings account. This account is used to track the amountRead More