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) Revenue will be debited.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q28: There are 7 closing entries.
Q29: When the expenses are closed:<br>A) Owner's Capital
Q30: A real account is the same as
Q31: The business failed to close any of
Q32: Which of the following accounts should NOT
Q34: In the first space below, indicate whether
Q35: B. Jensen's worksheet showed the revenue account,
Q36: The adjusting entry for accrued salaries is
Q37: In the normal accounting cycle, the:<br>A) financial
Q38: The Income Summary account can be found