Which of the following entries closes the owner's drawing account at the end of the period? LO5

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Which of the following entries closes the owner's drawing account at the end of the period? LO5 A. Debit the drawing account, credit the income summars-

account.

B. Debit the owner's capital account, credit the drawing account.

Debit the income summary account, credit the drawing account.

Debit the drawing account, credit the owner's capital account.

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Accounting

ISBN: 9780324025422

20th Edition

Authors: Carl S. Warren, James M. Reeve, Philip E. Fess

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Question Posted: Jun 27, 2024 02:18 AM

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Which of the following entries closes the owner's drawing account at the end of the period? LO5

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Accounting

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