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Which of the Following Entries Records the Closing of Penny

Question 80

Multiple Choice

Which of the following entries records the closing of Penny Pincher, Drawing at the end of the accounting period?


A) Debit Penny Pincher, Drawing; credit Penny Pincher, Capital
B) Debit Penny Pincher, Capital; credit Income Summary
C) Debit Penny Pincher, Capital; credit Penny Pincher, Drawing
D) Debit Income Summary; credit Penny Pincher, Drawing

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