True/False
Closing the drawings account to Capital is NOT necessary if profit is greater than owner's drawings during the period.
Correct Answer:

Verified
Correct Answer:
Verified
Related Questions
Q20: Important information needed to determine if companies
Q26: An error has occurred in the closing
Q52: Correcting entries will only be done at
Q78: Which one of the following is an
Q91: The current portion of a long-term liability
Q95: The difference between current assets and current
Q109: Office Equipment is classified in the balance
Q138: A reversing entry is made at the
Q139: Closing entries are journalized and posted<br>A) before
Q230: The balances that appear on the post-closing