Multiple Choice
When the Withdrawals account is closed,
A) Owner's Capital will be debited.
B) Income Summary will be debited.
C) Income Summary will be credited.
D) None of these are correct.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q16: Closing entries will update the Capital account
Q27: The entry to close the revenue account(s)
Q94: The entry to close the Fees Earned
Q96: Why are certain accounts called temporary accounts?
Q97: The beginning capital balance is $1,000; there
Q98: The following normal account balances were
Q101: When Income Summary has a credit balance
Q102: After closing the revenue, expense, and withdrawal
Q103: When closing the Withdrawal account,<br>A) Capital would
Q104: After posting adjusting entries, the temporary accounts