40.

Assume that the entry closing total revenues of 53,200,000 and total expenses of 52,500,000 has been made for the yetar onding Dechmber 31 . At the end of the fiscal year, Amber Warren, Capital has a credit balance of 51,885,000 and Amber Warren, Drawing has a balance of 5700,000 . Which of the follawing is the journal entry required to close Amber Warren's drawing account a. Debit Amber Warren, Drawing 700,000 Credit: Amber Warren, Capital 700,000 b. Debit Amber Warren, Capital 700,000 Credit: Drawing expense 700,000 c. No entry required d. Debat: Amber Warren, Capital 700,000 Credit Amber Warren, Drawing 700,000