Multiple Choice
Which of the following could not possibly be a closing entry?
A) Debit Income Summary and credit owner's Capital
B) Debit Income Summary and credit Withdrawals
C) Debit owner's Capital and credit Withdrawals
D) Debit owner's Capital and credit Income Summary
Correct Answer:
Verified
Correct Answer:
Verified
Q129: A reversing entry could include a<br>A)debit to
Q130: Presented below are the owner's Capital,Withdrawals,and Income
Q131: A reversing entry is acceptable for which
Q132: In the accounting cycle,closing entries are prepared
Q133: What does the preparation of reversing entries
Q135: Which of the following items is used
Q136: Use the following adjusted trial balance to
Q137: Which of the following accounts does not
Q138: Which of the following is a nominal
Q139: The purpose of reversing entries is to