Multiple Choice
Which of the following entries records the closing of Penny Pincher,Drawing at the end of the accounting period?
A) Debit Penny Pincer,Drawing;credit Penny Pincher,Capital
B) Debit Penny Pincher,Capital;credit Income Summary
C) Debit Income Summary;credit Penny Pincher,Drawing
D) Debit Penny Pincher,Capital;credit Penny Pincher,Drawing
Correct Answer:
Verified
Correct Answer:
Verified
Q2: During the closing process,Accumulated Depreciation,Equipment will<br>A) be
Q3: Identify the item below that is NOT
Q5: One purpose of closing entries is to
Q6: On December 31,the ledger of Hartley Engineering
Q9: The revenue account Fees Income is closed
Q10: Which of the following accounts is not
Q11: The entry to close the Depreciation Expense
Q12: The partial worksheet for the Roberts Company
Q43: "Closing" is written in the Description column
Q73: One of the purposes of closing entries