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Select the Correct Closing Entry That ABC Consulting Would Make

Question 57

Multiple Choice

Select the correct closing entry that ABC Consulting would make to close the owner's drawing account at the end of the accounting period. A) debit B. Conway, Drawing $600 credit B. Conway, Capital for $600. B) debit B. Conway, Capital $600 and credit B. Conway, Drawing for $600. C) debit B. Conway, Drawing $600 and credit Income Summary for $600. D) debit Income Summary $600 and credit B. Conway, Drawing for $600.Select the correct closing entry that ABC Consulting would make to close the owner's drawing account at the end of the accounting period.


A) debit B. Conway, Drawing $600 credit B. Conway, Capital for $600.
B) debit B. Conway, Capital $600 and credit B. Conway, Drawing for $600.
C) debit B. Conway, Drawing $600 and credit Income Summary for $600.
D) debit Income Summary $600 and credit B. Conway, Drawing for $600.

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