menu-iconExamlexExamLexServices

Discover

Ask a Question
  1. All Topics
  2. Topic
    Business
  3. Study Set
    Accounting
  4. Exam
    Exam 4: Completing the Accounting Cycle
  5. Question
    In the Last Step of the Closing Process, the Owner's
Solved

In the Last Step of the Closing Process, the Owner's

Question 115

Question 115

True/False

In the last step of the closing process, the Owner's Name, Withdrawals account is closed to the Owner's Name, Capital account.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q110: Which of the following accounts would appear

Q111: The closing process helps in measuring each

Q112: Clear Cleaning Services pays out wages every

Q113: The adjusting process zeroes out all revenues

Q117: On December 31, 2014, Axle Services prepared

Q118: Reversing entries ease the burden of accounting

Q120: The smaller the current ratio, the higher

Q156: Generally Accepted Accounting Principles (GAAP)require every organization

Q173: Only temporary accounts appear on the post-closing

Q188: Which of the following adjusted balances would

Examlex

ExamLex

About UsContact UsPerks CenterHomeschoolingTest Prep

Work With Us

Campus RepresentativeInfluencers

Links

FaqPricingChrome Extension

Download The App

Get App StoreGet Google Play

Policies

Privacy PolicyTerms of ServiceHonor CodeCommunity Guidelines

Scan To Download

qr-code

Copyright © (2025) ExamLex LLC.

Privacy PolicyTerms Of ServiceHonor CodeCommunity Guidelines