Multiple Choice
When closing the Withdrawal account,
A) Capital would increase.
B) Capital would decrease.
C) Capital would remain the same.
D) None of these are correct.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q16: Closing entries will update the Capital account
Q98: The following normal account balances were
Q99: When the Withdrawals account is closed,<br>A) Owner's
Q101: When Income Summary has a credit balance
Q102: After closing the revenue, expense, and withdrawal
Q104: After posting adjusting entries, the temporary accounts
Q105: Name the steps in the manual accounting
Q106: B. Benson's worksheet showed the revenue account,
Q107: From the following accounts, prepare in
Q108: To close the Fees Earned account,<br>A) debit