At the end of the year are SALES DISCOUNTS closed with a debit or credit?

Question

And what about a Drawing? Are these accounts closed with debits or credits or not closed at all?

PLZ help thank u

Answer 1

I believe Sales Discounts should be closed at the end of the year. Since it's most likely considered a expense (debit) then at the EOY you would close the account with a credit.

As for the Drawing account, is that like Owner Withdrawals?  

Answer 2

You close off the Sales Discounts account to the Sales account, so you

Dr  Sales xx

Cr  Sales discounts xx

You close off Drawings against Owner's capital, so you

Dr  Owner's capital xx

Cr  Owner's drawing xx

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