1. What is the purpose of the owner capital account in the closing process?

a. Owner capital is where the period's net income or loss is transferred.

b. Owner capital is a clearing account used to zero out all real accounts.

c. Owner capital is used to verify that net income or loss is reported correctly.

d. Owner capital is used as a temporary account.

2. The journal entry to record an owner withdrawal of funds for personal use includes a

a. credit to the owner's drawing account.

b. credit to the owner's capital account.

c. debit to the owner's capital account.

d. debit to the owner's drawing account.