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It is true that temporary accounts include the assets, expenses, and owner's drawing account.
What is drawing account?
A drawing account is an accounting record that is kept to keep track of the funds and other assets that company owners take from the company. The majority of businesses that are taxed as sole proprietorships or partnerships use drawing accounts. In general, dividends or remuneration must be reported for owner withdrawals from enterprises that are taxed separately. In an unincorporated firm, such as a sole proprietorship, partnership, or limited liability corporation (LLC), an owner's draw happens when the owner draws a resource, such as money, from the business for their own use. Contrary to owner's equity is a drawing account. The debit balance of the drawing account is different from the anticipated credit amount of an owner's equity account since owner withdrawals imply a decrease in owner's ownership in the company.
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