Use the Following Account Balances from the Adjusted Trial Balance

Multiple Choice

Use the following account balances from the adjusted trial balance columns of RB Auto's
Worksheet to answer below question.

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Select the correct closing entry that RB Auto would make to close the owner's withdrawal account at the end of the accounting period.

A) debit R. Holloway, Capital $500 and credit R. Holloway, Drawing for $500.
B) debit R. Holloway, Drawing $500 credit R. Holloway, Capital for $500.
C) debit Income Summary $500 and credit R. Holloway, Drawing for $500.
D) debit R. Holloway, Drawing $500 and credit Income Summary for $500.